A space had been created for new investments when the multinational trade contracts started to be signed. Lower trade barriers, free trade zones and open skies policies provided the necessary base for the integration of national economies. Moreover, the most significant change was emerged in the area of local cultures. Homogenization led to cultural globalization. As an inevitable result, Western culture and American culture started to spread out though mass media.
358-359). The factors, like better secured property rights, improved infrastructure, a changed fiscal regime, greater access to finance, and a higher protection of traders and manufacturers slowly started to be visible in the economic development of the country. After this date, the number of patented inventions started to rise and the great flowering of technological change that was to be at the heart of the Industrial Revolution began to be evident. Innovations took place on many fronts, reflecting the improved institutional environment (Acemoglu & Robinson, 2012, p 366-367). However, we should not forget that the industrialisation was predominantly focusing on a limited number of sectors, such as textiles, and largely bypassed the service industries (Clarke,
Liberalization The great wave of Liberalism proposed by the World Trade Organization as well as one-sided negotiations and decision making processes that countries are involved in. 3. Trade Flows The lifting of the aforementioned barriers in trade and migration has made easier an increasing growth in world trade over the past 20 years where the huge and numerous effects of globalization have taken place and are being exposed. This was also facilitated by the IT Revolution that made distribution channels, difficult to block, under the Protectionist Trade Policy. 4.
The organization’s power to apply strategy influences the profits achieved by it. (Rugman, 2002) In addition, with the liberalization policy, several additional steps were taken by the Government of India, which helped the Multinational Corporation to be effective in the Indian economic system. In reality, foreign investment has been sanctioned as a crucial element of investment in states by Central government in India. (Shaikh, 2010)The national government’s policy of liberalization very often brings forth organizations to invest overseas to expand their activities via integrated emergence or acquisitions. For example, liberalization of the external aspect has not merely brought global leaders to the Indian land however also pushed Indian companies to explore overseas merchandize, and make up alliances and undergo takeovers.
During the 1990s, Thailand focused more on social development as it saw that the industrial society brings wealth to the nation. Therefore, the current government at that time tried to increase industrialised society in Thailand. Large-scale infrastructure projects have dominated the scene. The goal of these efforts has been to ensure rapid economic growth and to solidify Thailand's position in the global market. Economic superiority is the highest aspiration.
Previously, these arrangements have been generally confined to national markets only. But after globalization, there occurred an expansion of these boundaries to international markets. This article affords a broad overview of the evolution of the Indian system of industrial relation by gazing on pre and post independence relations. Discusses the impact and challenges of globalization on IR practices and its role in timeline trend drift. As a way out, contemplated various decorative practices which have shaped and are sharpening such relations in India how IR instigate enterprise productivity and economic growth.
Through these, it helps to have more international trading and increasing employment rate. By embracing globalization and international finance, it will make any countries across the globe to be better and allowing more trading and investments from foreigners to help the economy of any country. In real life, businesses faces increasing competition, because of this, its workers may also be discouraged because of such. There are reasons according to Tverberg (2013), why globalization can be a huge problem. Globalization quickly uses limited resources.
K V Kamath (MD and CEO, ICICI Bank)62 brought to the notice that the demographic shifts in terms of income levels and cultural shifts in terms of lifestyle aspirations are changing the profile of the Indian consumer, which is and will be a key driver of economic growth going forward. The Indian banking sector is at an exciting point in its evolution and for them there are immense opportunities to enter new businesses and new markets, to develop new ways of working, to improve efficiency, and to deliver higher levels of customer
The increase in exports raises the foreign exchange inflow. However, there may be an increase in import expenditures due to the increasing income of the country, which in turn worsens the country’s trade balance. There are two approaches or levels to deal with export promotion 1- Macro level : As a government approach to increase its exports for the sake of foreign currency source and for the balance of payment then it is taking the shape of an Incentive programs designed to attract more firms into exporting by offering help in product and market identification and development, pre-shipment and post-shipment financing, training, payment guaranty schemes, trade fairs, trade visits, foreign representation, etc. 2- The micro level: As a firm, marketing strategy included in the marketing mix and the marketing strategic plan. Going global is now one of the key growth strategies when domestic market reaches at maturity stage or facing stiff competition.