Jatin JainAIR 91 · CSE 2022 · 283 wordsTheir whole copy
Opening
Globalisation is the process of exchange of people, ideas, goods and services in the interconnected world with no border and as global village (Giddens).
Body
Globalisation aiding poverty reduction
- Fostered the liberalisation of economy enhancing economic development and reducing poverty
Eg: World Bank report → India uplifted 271 mn people out of poverty last decade
- More employment opportunities and new avenues of social skills
Eg: Entrepreneurial Culture - YouTube channels
- Marketisation & Commercialisation of traditional knowledge
Eg: Vindhyan herbals, Kodo Kutki biscuits, Kandhamal haldi; Kanchipuram Saree → sold in Amazon, Flipkart to globalised world
- Globalisation created demand due to consumption which enhances growth and reducing poverty
Employment ↑ ← Demand ↑ ← Consumption ↑ ↑ | Education & Health ↑ ← Globalization ← Economy ↑ ↑ | Social Expend ↑ |
Fig: Virtuous cycle of poverty reduction
- Globalisation led to proliferation of service sector like Tourism enhancing informal sector reducing poverty
Globalisation not aiding poverty Reduction
Limited availability and reach due to structural deficiencies eg: Digital Divide
Matsyanyaya of Economic (Big fish eating small) leading to monopolisation of MNEs and killing small local businesses → Poverty not reduced
Homogenisation of culture leading to cultural poverty in the country Ex: Extinction of vernacular languages
Global impacts in value chain impacts the whole spectrum and thus can't guarantee poverty upliftment Ex: Covid impact, Russia-Ukraine impact
Way forward
- Glocalisation + Vocal for local → for promotion of local culture → economy → Atmanirbhar Bharat
- Hybridisation should be new norm instead of homogenisation
Close
[Amartya Sen] argued that Globalisation and modernisation impacted economic development but are double edged sword and need cautious use for poverty upliftment
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