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The Juggernaut Of Globalization

ABSTRACT

This paper focuses on the impacts of globalization on developing nations and less developed nations. One of the adverse implications of this Global Integration is the emergence of ‘Neo Imperialism’ where power relationships have come to determine economic transactions. A special case in point is the ‘Indian Encounter with globalization’ and how it has led to imbalances, inequity, indebtedness, unemployment and rise of several social evils. The recent farmer suicides that have occurred in various parts of India clearly point out the evils associated with this phenomenon. In addition to this the nation state seems to be losing out a great degree of power and influence in today’s world.

INTRODUCTION – THE JUGGERNAUT OF GLOBALIZATION

The term ‘globalization’ means integration of economies and societies through cross country flows of information, ideas, technologies, goods, services, capital, finance and people. Cross border integration can have several dimensions – cultural, social, political and economic. In fact, some people fear cultural and social integration even more than economic integration. The fear of “cultural hegemony” haunts many.

Bursting suddenly on the world scene in the last quarter of the 20th century after the collapse of the Soviet Bloc and the disintegration of Soviet Union around 1990, the concept of GLOBALISATION has fast come to dominate the contemporary discourse of human affairs. At the same time, the social phenomenon itself that the concept represents has increasingly acquired a pervasive presence in the lives of the people across the planet. Economic globalization which is a part of the broader concept of globalization is now considered to be determinative of humanity’s future, relentlessly propelling the different societies of the world to a common destination-that of convergence in regard to income levels, social structure and behavior.

The enthusiasts of globalization take a benign view of the phenomenon as...