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Globalization is the process of increasing interdependence and integration among the economies, markets, societies, and cultures of different countries worldwide. This is made possible by the reduction of barriers to international trade, the liberalization of capital movements, the development of transportation, and the advancement of information and communication technologies. [1]
Globalization is a process that encompasses the causes, courses, and consequences of transnational and transcultural integration of human and non-human activities. India had the distinction of being the world's largest economy till the end of the Mughal era, as it accounted for about 32.9% share of world GDP and about 17% of the world population.
Economic globalization is the intensification and stretching of economic interrelations around the globe. [3] [4] It encompasses such things as the emergence of a new global economic order, the internationalization of trade and finance, the changing power of transnational corporations, and the enhanced role of international economic institutions.
The historical origins of globalization (also known as historical globalization) are the subject of ongoing debate. Though many scholars situate the origins of globalization in the modern era (around the 19th century ), others regard it as a phenomenon with a long history, dating back thousands of years (a concept known as archaic globalization ).
The liberalization of the economy made India more vulnerable to global market forces, such as fluctuations in commodity prices, exchange rates and global demand for exports. This increased the country's dependence on global market forces, as it became more susceptible to external shocks and economic crises. [73]
World citizen badge. Global studies – interdisciplinary and multidisciplinary academic study of globalizing forces and trends. Global studies may include the investigation of one or more aspects of globalization, but tend to concentrate on how globalizing trends are redefining the relationships between states, organizations, societies, communities, and individuals, creating new challenges ...
(English version: The History of Development: From Western Origins to Global Faith. London: Zed Books, 2008, Chapter 9). Rothstein, Robert L. (1979) Global Bargaining: UNCTAD and the Quest for a New International Economic Order Princeton: Princeton University Press. (Traces formation of UNCTAD and its role in the NIEO.) ISBN 0-691-02190-2
Global studies (GS) or global affairs (GA) is the interdisciplinary study of global macro-processes. Predominant subjects are political science in the form of global politics , as well as economics , law , the sociology of law , ecology , environmental studies , geography , sociology , culture , anthropology and ethnography .