Disadvantages Of Globalization

1288 Words6 Pages
Globalisation can be visualised as one of the most prominent force influencing the economy of a country. It is viewed as a “whirlwind of relentless and disruptive change which leaves governments helpless and leaves a trail of economic, social cultural and environmental problems in its wake.” The phenomenon of globalisation has given rise to greater competition towards markets and investments. Changes that are sweeping spontaneously across the corporate world have forced businesses and nations to adapt by striving to change old economic practices and traditional behaviours. Industrial development has become a key recourse for underdeveloped economies, in which it must be seen as an essential component of their development process. The task of the industrial sector in the newly industrialising nations has further aggravated the appeal and the driving urge for industrialisation for the third world nations. The fundamental convergent argument on development is the provision of basic amenities such as education, health, food, potable water and shelter to the citizens. It is also globally accepted that this task is better and more appropriately performed by public institutions. This underscores the crucial job of the government in the process of economic development. Public expenditure is supposed to stimulate the factors of production towards appropriate utilization of resources, enhancement of the value-adding capacities of the factors of production and thus generating the
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