Write An Essay On The Importance Of Globalization

Globalisation is defined as integration of domestic economies with world economies. Globalisation is not just international trade, but it also includes spreading of culture, language, ideas, tourism etc. It cannot be limited to sale of goods and services between different countries. The trend of globalisation started after industrial revolution in England in 19th century when England started colonising various countries. Industrialisation allowed production of goods at faster rate using economies of scale while rapid population growth created sustained demand for commodities. In this period, steamships, railways were main modes of transportation. When transport revolution occurred between 1820 and 1850, more and more nations embraced international

There are three elements of this change: abandonment of channelizing the trade to determine the value or the nature of the importance and export, dismantling of most of the quantitative restrictions on agriculture and reduction in tariffs. Thus, the Indian agricultural economy is by and large freely exposed to the world market forces which are mainly dominated by the economics of the developing countries. 74% of the India's population lives in villages and their livelihood mainly depends on agriculture and the related activities. The village economy has been independent throughout the ages and even the industrial development has not reduced its importance. It played a crucial role in the economic development of India by providing food and raw materials, employment to 2/3 of work force, capital for development and surplus for national development. The Indian agrarian structure is dominated by 90% of small and marginal farmers. The extent of landholdings is associated with caste and social status. The small and marginal farmers and agricultural labourers constitute the vast majority of the rural