The Effects of Globalization on Poverty Removal in India! Globalization is the new buzzword that come to dominate the world since the nineties of the last century with the end of the cold war and the breakup of the former Soviet
The concept of globalisation was first introduced by Adam Smith, the father of modern economics in the year 1776 through the book titled, “Wealth of the Nations”, and since then the globalisation has been liked yo-yo.
Neoliberalism developed in the writings of free market economists sue as Friedrich Hayek and Milton Friedman. The cores of neoliberalism are the market and the individual. Its goal is to ‘roll back the frontiers of the state.
Increase in India’s share in the Trade of Goods and Services: There has been marginal increase in India’s share in the trade of goods and services, though our progress is very low as compared to other countries.
The functions of the state have undergone a sea change due to the impact of globalization. The states are eager to increase their share in the world market by means of exports and imports. Multinational corporations are playing a vital role in the domestic economy of the states.
The features of globalization may be discussed as follows: 1. It means free access to the markets in the world without any physical (quota) or fiscal (tariff) or any other governments) restriction.