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Kerala PSC Indian Economy Book Study Materials Page 159Book's First Page
onomi e orms 6.9 process of privatisation. We may cite few narrow and business-like sense—‘any cross- examples from India—de-licencing and border investment by an OECD company de-reservation of the industries, even cuts outside its country of origin for its benefit is in the subsidies, permission to foreign globalisation’. After this summit of the OECD, investment, etc.22 proposals for replacing the GATT by the WTO Here we may connect liberalisation to were pushed by the developed economies of the privatisation in India. Liberalisation shows the world, better known as the starting of the Uruguay direction of economic reforms in India, i.e., Round of GATT deliberations which ends in inclination towards the dominance of market. But Marrakesh (1994) with the birth of WTO. In the how will it be achieved? Basically, privatisation meantime, the OECD had defined globalisation will be the path to reform. It means, everything officially, (1995) too— “a shift from a world of which includes promotion of the ‘market’ will be distinct national economies to a global economy the path of the reform process in India. in which production is internationalised and financial capital flows freely and instantly between GLobaLIsatIon countries.”27 The official meaning of globalisation for the The process of Globalisation has always been used WTO is movement of the economies of the world in economic terms though it has always taken the towards “unrestricted cross border movements political and cultural dimensions. Once economic of goods and services, capital and the labour changes occur it has several socio-political force”. It simply means that the economies who manifestations.23 Globalisation is generally termed are signatories to the process of globalisation (i.e., as ‘an increase in economic integration among signatories to the WTO) for them there will be nations’.24 Even before several nation-states were nothing like foreign or indigenous goods and not even born, the countries around the world had services, capital and labour. The world becoming gone for globalisation, i.e., ‘a closer integration a flat and level-playing field emerging in the due of their economies’.25 This globalisation lasted process of time.28 from 1800 to almost 1930, interrupted by the For many political scientists (which is today Great Depression and the two Wars which led a very dominant force in the world), globalisation to retrenchment and several trade barriers were is the emergence of a situation when our lives are erected since early 1930s.26 increasingly shaped by the events that occur at a The concept was popularised by the great distance from us about which the decisions Organisation of Economic Cooperation and are not taken by our conscious self. One section of Development (OECD) in the mid-1980s again experts believe that globalisation subordinates the after the Wars. In its earlier deliberatization, the state, while the other section argues that the local, organisation had defined globalisation in a very national and global events constantly interact under it without any subordination of one by 22. New Industrial Policy, 1991 & several documents of the other. Rather, globalisation highlights the GoI since then. 23. Talcott Parsons, The Structure of Social Action, (New York: McGraw Hill, 1937). 24. Samuelson and Nordhaus, Economics, p. 32. 25. Stiglitz and Walsh, Economics, p. 804. 27. As quoted in Andrew Heywood, Politics, p. 139. 26. Thomas L. Friedman, The World is Flat, (London: Penguin 28. As Friedman shows in his best-seller, The World is Books, 2006), 9. Stiglitz & Walsh, Economics, p. 804. Flat, p. 9.