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Question – Globalization is a double-edged sword, which on one hand ensures economic growth but on the other hand, assaults national sovereignty, erodes local culture and threatens economic and social instability. Critically examine the statement in context of Indian society.
- January 20, 2023
- Posted by: Pallavi Singh
- Category: Blog
![wave of globalisation](https://aakarias.co.in/wp-content/uploads/2023/01/wave-of-globalisation.jpg)
Answer –
Globalization is the deepening, widening and speeding up of global interconnectedness
technology, trade and movement of people.
Globalization and Economic Growth :-
The process has increased interdependence in the world economy. It has meant expansion of trade and growing wealth of nations around the globe, For example, in India, FDI and remittances have increased over the years.
However, economic globalization is not fairly spread among different countries due to differences in power and resources. At times, it has mainly benefited multinational corporations at the cost of domestic businesses and communities.
Globalization and National Sovereignty :-
Global governance is another aspect of globalization that has led to standardization of rules, norms and practices through interactions at forums such as the UN and WTO. It has been important in the context of growing transnational issues such as climate change, terrorism and pandemics.
However, it has also meant that states around the globe have seen erosion in their sovereign capacity to take decisions and as such there is a growing backlash against globalization at the level of national politics in many countries. e.g. rise of far right parties in Europe or protectionist sentiments in the USA.
Globalization and Culture :-
Globalization has added to the diversity of societies and provided impetus to multiculturalism. However, at times, globalization has meant homogenization of culture. This is reflected in the popularity of Western culture on the one hand and the erosion of indigenous knowledge on the other.
However, globalization has also led to modifications trend as hybridization or globalization. For example, modification of menu in McDonalds to reflect the Indian taste.
Globalization and Socio-Economic Stability :-
The benefits of globalization can be unfairly skewed towards rich nations or individuals, creating greater inequalities. This leads to potential conflicts, ethnic and social tensions between the haves and the have- nots. For instance, the call for Brexit gained momentum in light of the economic concerns of people but the blame was put on the increasing immigration and outsiders. This is a growing trend across the world.
Thus, Globalization is a double edge sword with both positive and negative attributes. However, it continues to be the most widely accepted solution to ensuring consistent economic growth in the country and around the world. At a time when developed countries, who shaped and benefitted from it for much of the last century, are showing protectionism and anti-immigration sentiments, developing countries such as India need to become the flag bearers as much is to be gained from shaping and sustaining globalization.