INTRODUCTION :
All the eonomies of the world are demanding support from other economies also. The process of integration of economies has led to the process of globalization. MNC’s are expanding rapidly and they are operating in the different parts of the world. For the development of globalization different agencies of the world like World Trade Organization and U.N. Agencies like World Bank and International Monetary Fund are working. All the countries of the world want Globalization but they are demanding the fair Globalization. This topic deals with Globalisation and other concepts related ot it, the problems in the system and the solutions of the same

Important terms:
    ·     Globalisation: Integrating an economy with the world economy
    ·     Liberalisation: Removing trade barriers between countries.
    ·     MNCs: Multinational Corporations
    ·     Investment: The money that is spent to buy assets like buildings, machines and equipment
    ·     WTO: World Trade Organisation which aims to libralise international trade
    ·     Trade barriers: Rules and regulation that regulate foreign trade
    ·     Flexibility: Given relaxation in trade and labour laws
    ·     SEZs. Special Economic Zones are those industrial zones which have been set up by the government of India to attract foreign companies to                   invest in the country

globalisation and related concepts :    
Globalisation, is the process of rapid integration of countries. This is happening through greater foreign trade and foreign investment.
MNCs are playing a major role in the globalisation process. More and more MNCs are looking for locations around the world that are cheap for their production. As a result, production is being organised in complex ways.
Technology, particularly IT, has played a big role in organising production across countries.
In addition, liberalisation of trade and investment has facilitated globalisation by removing barriers to trade and investment. At the international level, WTO has put pressure on developing countries to liberalise trade and investment.
While globalisation has benefited well-off consumers and also producers with skill, education and wealth, many small producers and workers have suffered as a result of the rising competition.
Fair globalisation would create opportunities for all, and also ensure that the benefits of globalisation are shared better.

Positive Aspects
Creating a large industrial base and increase in industrial production.
Earlier, we were importing food grains But now, we have become self-sufficient.

Negative Aspects
Industrialisation did not take place as expected.
Corruption, lack of efficiency in work and ineffective management became common features.

Need for Reforms
Government expenditure far exceeded its revenue. By 1991 our borrowings from abroad increased; 
we were not able to pay for imports.
All this led to the framing of a new policy, which is known as the New Economic Policy (NEP).

Liberalisation
Liberalisation contains two components.
(i)     allow private sector to run those activities which were restricted earlier only to public sector.
(ii)     relaxation of all the rules and regulations, which had restricted the growth of the private sector earlier.
·        Alcohol, cigarettes, hazardous chemicals, industrial explosives, electronic aerospace, and drugs and pharmaceuticals.
Globalisation
Its means integrating our economy with the world economy through trade, transfer of technology and capital.

Sustainable Economic Development
Development should take place without damaging the environment, and development  in the present should not compromise on the needs of the future generation.

Illustration 1
    Where the production was organized until the middle of twentieth country?
Solution
    Production was organized largely with the countries.

Illustration 2
    Which commodities crossed the boundries of the countries?
Solution
    Raw materials, food stuff and finished products

Illustration 3
    Which main items were imported and which were exported from colonies like India?
Solution
    Raw materials and food stuff were exported and finished goods were imported.

Illustration 4
    Before the emergence of MNC’s which was the main channel for connecting distant countries?
Solution
    Trade

    

INTRODUCTION :
All the eonomies of the world are demanding support from other economies also. The process of integration of economies has led to the process of globalization. MNC’s are expanding rapidly and they are operating in the different parts of the world. For the development of globalization different agencies of the world like World Trade Organization and U.N. Agencies like World Bank and International Monetary Fund are working. All the countries of the world want Globalization but they are demanding the fair Globalization. This topic deals with Globalisation and other concepts related ot it, the problems in the system and the solutions of the same

Important terms:
    ·     Globalisation: Integrating an economy with the world economy
    ·     Liberalisation: Removing trade barriers between countries.
    ·     MNCs: Multinational Corporations
    ·     Investment: The money that is spent to buy assets like buildings, machines and equipment
    ·     WTO: World Trade Organisation which aims to libralise international trade
    ·     Trade barriers: Rules and regulation that regulate foreign trade
    ·     Flexibility: Given relaxation in trade and labour laws
    ·     SEZs. Special Economic Zones are those industrial zones which have been set up by the government of India to attract foreign companies to                   invest in the country

globalisation and related concepts :    
Globalisation, is the process of rapid integration of countries. This is happening through greater foreign trade and foreign investment.
MNCs are playing a major role in the globalisation process. More and more MNCs are looking for locations around the world that are cheap for their production. As a result, production is being organised in complex ways.
Technology, particularly IT, has played a big role in organising production across countries.
In addition, liberalisation of trade and investment has facilitated globalisation by removing barriers to trade and investment. At the international level, WTO has put pressure on developing countries to liberalise trade and investment.
While globalisation has benefited well-off consumers and also producers with skill, education and wealth, many small producers and workers have suffered as a result of the rising competition.
Fair globalisation would create opportunities for all, and also ensure that the benefits of globalisation are shared better.

Positive Aspects
Creating a large industrial base and increase in industrial production.
Earlier, we were importing food grains But now, we have become self-sufficient.

Negative Aspects
Industrialisation did not take place as expected.
Corruption, lack of efficiency in work and ineffective management became common features.

Need for Reforms
Government expenditure far exceeded its revenue. By 1991 our borrowings from abroad increased; 
we were not able to pay for imports.
All this led to the framing of a new policy, which is known as the New Economic Policy (NEP).

Liberalisation
Liberalisation contains two components.
(i)     allow private sector to run those activities which were restricted earlier only to public sector.
(ii)     relaxation of all the rules and regulations, which had restricted the growth of the private sector earlier.
·        Alcohol, cigarettes, hazardous chemicals, industrial explosives, electronic aerospace, and drugs and pharmaceuticals.
Globalisation
Its means integrating our economy with the world economy through trade, transfer of technology and capital.

Sustainable Economic Development
Development should take place without damaging the environment, and development  in the present should not compromise on the needs of the future generation.

Illustration 1
    Where the production was organized until the middle of twentieth country?
Solution
    Production was organized largely with the countries.

Illustration 2
    Which commodities crossed the boundries of the countries?
Solution
    Raw materials, food stuff and finished products

Illustration 3
    Which main items were imported and which were exported from colonies like India?
Solution
    Raw materials and food stuff were exported and finished goods were imported.

Illustration 4
    Before the emergence of MNC’s which was the main channel for connecting distant countries?
Solution
    Trade

    

INTRODUCTION :
All the eonomies of the world are demanding support from other economies also. The process of integration of economies has led to the process of globalization. MNC’s are expanding rapidly and they are operating in the different parts of the world. For the development of globalization different agencies of the world like World Trade Organization and U.N. Agencies like World Bank and International Monetary Fund are working. All the countries of the world want Globalization but they are demanding the fair Globalization. This topic deals with Globalisation and other concepts related ot it, the problems in the system and the solutions of the same

Important terms:
    ·     Globalisation: Integrating an economy with the world economy
    ·     Liberalisation: Removing trade barriers between countries.
    ·     MNCs: Multinational Corporations
    ·     Investment: The money that is spent to buy assets like buildings, machines and equipment
    ·     WTO: World Trade Organisation which aims to libralise international trade
    ·     Trade barriers: Rules and regulation that regulate foreign trade
    ·     Flexibility: Given relaxation in trade and labour laws
    ·     SEZs. Special Economic Zones are those industrial zones which have been set up by the government of India to attract foreign companies to                   invest in the country

globalisation and related concepts :    
Globalisation, is the process of rapid integration of countries. This is happening through greater foreign trade and foreign investment.
MNCs are playing a major role in the globalisation process. More and more MNCs are looking for locations around the world that are cheap for their production. As a result, production is being organised in complex ways.
Technology, particularly IT, has played a big role in organising production across countries.
In addition, liberalisation of trade and investment has facilitated globalisation by removing barriers to trade and investment. At the international level, WTO has put pressure on developing countries to liberalise trade and investment.
While globalisation has benefited well-off consumers and also producers with skill, education and wealth, many small producers and workers have suffered as a result of the rising competition.
Fair globalisation would create opportunities for all, and also ensure that the benefits of globalisation are shared better.

Positive Aspects
Creating a large industrial base and increase in industrial production.
Earlier, we were importing food grains But now, we have become self-sufficient.

Negative Aspects
Industrialisation did not take place as expected.
Corruption, lack of efficiency in work and ineffective management became common features.

Need for Reforms
Government expenditure far exceeded its revenue. By 1991 our borrowings from abroad increased; 
we were not able to pay for imports.
All this led to the framing of a new policy, which is known as the New Economic Policy (NEP).

Liberalisation
Liberalisation contains two components.
(i)     allow private sector to run those activities which were restricted earlier only to public sector.
(ii)     relaxation of all the rules and regulations, which had restricted the growth of the private sector earlier.
·        Alcohol, cigarettes, hazardous chemicals, industrial explosives, electronic aerospace, and drugs and pharmaceuticals.
Globalisation
Its means integrating our economy with the world economy through trade, transfer of technology and capital.

Sustainable Economic Development
Development should take place without damaging the environment, and development  in the present should not compromise on the needs of the future generation.

Illustration 1
    Where the production was organized until the middle of twentieth country?
Solution
    Production was organized largely with the countries.

Illustration 2
    Which commodities crossed the boundries of the countries?
Solution
    Raw materials, food stuff and finished products

Illustration 3
    Which main items were imported and which were exported from colonies like India?
Solution
    Raw materials and food stuff were exported and finished goods were imported.

Illustration 4
    Before the emergence of MNC’s which was the main channel for connecting distant countries?
Solution
    Trade

    

INTRODUCTION :
All the eonomies of the world are demanding support from other economies also. The process of integration of economies has led to the process of globalization. MNC’s are expanding rapidly and they are operating in the different parts of the world. For the development of globalization different agencies of the world like World Trade Organization and U.N. Agencies like World Bank and International Monetary Fund are working. All the countries of the world want Globalization but they are demanding the fair Globalization. This topic deals with Globalisation and other concepts related ot it, the problems in the system and the solutions of the same

Important terms:
    ·     Globalisation: Integrating an economy with the world economy
    ·     Liberalisation: Removing trade barriers between countries.
    ·     MNCs: Multinational Corporations
    ·     Investment: The money that is spent to buy assets like buildings, machines and equipment
    ·     WTO: World Trade Organisation which aims to libralise international trade
    ·     Trade barriers: Rules and regulation that regulate foreign trade
    ·     Flexibility: Given relaxation in trade and labour laws
    ·     SEZs. Special Economic Zones are those industrial zones which have been set up by the government of India to attract foreign companies to                   invest in the country

globalisation and related concepts :    
Globalisation, is the process of rapid integration of countries. This is happening through greater foreign trade and foreign investment.
MNCs are playing a major role in the globalisation process. More and more MNCs are looking for locations around the world that are cheap for their production. As a result, production is being organised in complex ways.
Technology, particularly IT, has played a big role in organising production across countries.
In addition, liberalisation of trade and investment has facilitated globalisation by removing barriers to trade and investment. At the international level, WTO has put pressure on developing countries to liberalise trade and investment.
While globalisation has benefited well-off consumers and also producers with skill, education and wealth, many small producers and workers have suffered as a result of the rising competition.
Fair globalisation would create opportunities for all, and also ensure that the benefits of globalisation are shared better.

Positive Aspects
Creating a large industrial base and increase in industrial production.
Earlier, we were importing food grains But now, we have become self-sufficient.

Negative Aspects
Industrialisation did not take place as expected.
Corruption, lack of efficiency in work and ineffective management became common features.

Need for Reforms
Government expenditure far exceeded its revenue. By 1991 our borrowings from abroad increased; 
we were not able to pay for imports.
All this led to the framing of a new policy, which is known as the New Economic Policy (NEP).

Liberalisation
Liberalisation contains two components.
(i)     allow private sector to run those activities which were restricted earlier only to public sector.
(ii)     relaxation of all the rules and regulations, which had restricted the growth of the private sector earlier.
·        Alcohol, cigarettes, hazardous chemicals, industrial explosives, electronic aerospace, and drugs and pharmaceuticals.
Globalisation
Its means integrating our economy with the world economy through trade, transfer of technology and capital.

Sustainable Economic Development
Development should take place without damaging the environment, and development  in the present should not compromise on the needs of the future generation.

Illustration 1
    Where the production was organized until the middle of twentieth country?
Solution
    Production was organized largely with the countries.

Illustration 2
    Which commodities crossed the boundries of the countries?
Solution
    Raw materials, food stuff and finished products

Illustration 3
    Which main items were imported and which were exported from colonies like India?
Solution
    Raw materials and food stuff were exported and finished goods were imported.

Illustration 4
    Before the emergence of MNC’s which was the main channel for connecting distant countries?
Solution
    Trade

    

INTRODUCTION :
All the eonomies of the world are demanding support from other economies also. The process of integration of economies has led to the process of globalization. MNC’s are expanding rapidly and they are operating in the different parts of the world. For the development of globalization different agencies of the world like World Trade Organization and U.N. Agencies like World Bank and International Monetary Fund are working. All the countries of the world want Globalization but they are demanding the fair Globalization. This topic deals with Globalisation and other concepts related ot it, the problems in the system and the solutions of the same

Important terms:
    ·     Globalisation: Integrating an economy with the world economy
    ·     Liberalisation: Removing trade barriers between countries.
    ·     MNCs: Multinational Corporations
    ·     Investment: The money that is spent to buy assets like buildings, machines and equipment
    ·     WTO: World Trade Organisation which aims to libralise international trade
    ·     Trade barriers: Rules and regulation that regulate foreign trade
    ·     Flexibility: Given relaxation in trade and labour laws
    ·     SEZs. Special Economic Zones are those industrial zones which have been set up by the government of India to attract foreign companies to                   invest in the country

globalisation and related concepts :    
Globalisation, is the process of rapid integration of countries. This is happening through greater foreign trade and foreign investment.
MNCs are playing a major role in the globalisation process. More and more MNCs are looking for locations around the world that are cheap for their production. As a result, production is being organised in complex ways.
Technology, particularly IT, has played a big role in organising production across countries.
In addition, liberalisation of trade and investment has facilitated globalisation by removing barriers to trade and investment. At the international level, WTO has put pressure on developing countries to liberalise trade and investment.
While globalisation has benefited well-off consumers and also producers with skill, education and wealth, many small producers and workers have suffered as a result of the rising competition.
Fair globalisation would create opportunities for all, and also ensure that the benefits of globalisation are shared better.

Positive Aspects
Creating a large industrial base and increase in industrial production.
Earlier, we were importing food grains But now, we have become self-sufficient.

Negative Aspects
Industrialisation did not take place as expected.
Corruption, lack of efficiency in work and ineffective management became common features.

Need for Reforms
Government expenditure far exceeded its revenue. By 1991 our borrowings from abroad increased; 
we were not able to pay for imports.
All this led to the framing of a new policy, which is known as the New Economic Policy (NEP).

Liberalisation
Liberalisation contains two components.
(i)     allow private sector to run those activities which were restricted earlier only to public sector.
(ii)     relaxation of all the rules and regulations, which had restricted the growth of the private sector earlier.
·        Alcohol, cigarettes, hazardous chemicals, industrial explosives, electronic aerospace, and drugs and pharmaceuticals.
Globalisation
Its means integrating our economy with the world economy through trade, transfer of technology and capital.

Sustainable Economic Development
Development should take place without damaging the environment, and development  in the present should not compromise on the needs of the future generation.

Illustration 1
    Where the production was organized until the middle of twentieth country?
Solution
    Production was organized largely with the countries.

Illustration 2
    Which commodities crossed the boundries of the countries?
Solution
    Raw materials, food stuff and finished products

Illustration 3
    Which main items were imported and which were exported from colonies like India?
Solution
    Raw materials and food stuff were exported and finished goods were imported.

Illustration 4
    Before the emergence of MNC’s which was the main channel for connecting distant countries?
Solution
    Trade

    

INTRODUCTION :
All the eonomies of the world are demanding support from other economies also. The process of integration of economies has led to the process of globalization. MNC’s are expanding rapidly and they are operating in the different parts of the world. For the development of globalization different agencies of the world like World Trade Organization and U.N. Agencies like World Bank and International Monetary Fund are working. All the countries of the world want Globalization but they are demanding the fair Globalization. This topic deals with Globalisation and other concepts related ot it, the problems in the system and the solutions of the same

Important terms:
    ·     Globalisation: Integrating an economy with the world economy
    ·     Liberalisation: Removing trade barriers between countries.
    ·     MNCs: Multinational Corporations
    ·     Investment: The money that is spent to buy assets like buildings, machines and equipment
    ·     WTO: World Trade Organisation which aims to libralise international trade
    ·     Trade barriers: Rules and regulation that regulate foreign trade
    ·     Flexibility: Given relaxation in trade and labour laws
    ·     SEZs. Special Economic Zones are those industrial zones which have been set up by the government of India to attract foreign companies to                   invest in the country

globalisation and related concepts :    
Globalisation, is the process of rapid integration of countries. This is happening through greater foreign trade and foreign investment.
MNCs are playing a major role in the globalisation process. More and more MNCs are looking for locations around the world that are cheap for their production. As a result, production is being organised in complex ways.
Technology, particularly IT, has played a big role in organising production across countries.
In addition, liberalisation of trade and investment has facilitated globalisation by removing barriers to trade and investment. At the international level, WTO has put pressure on developing countries to liberalise trade and investment.
While globalisation has benefited well-off consumers and also producers with skill, education and wealth, many small producers and workers have suffered as a result of the rising competition.
Fair globalisation would create opportunities for all, and also ensure that the benefits of globalisation are shared better.

Positive Aspects
Creating a large industrial base and increase in industrial production.
Earlier, we were importing food grains But now, we have become self-sufficient.

Negative Aspects
Industrialisation did not take place as expected.
Corruption, lack of efficiency in work and ineffective management became common features.

Need for Reforms
Government expenditure far exceeded its revenue. By 1991 our borrowings from abroad increased; 
we were not able to pay for imports.
All this led to the framing of a new policy, which is known as the New Economic Policy (NEP).

Liberalisation
Liberalisation contains two components.
(i)     allow private sector to run those activities which were restricted earlier only to public sector.
(ii)     relaxation of all the rules and regulations, which had restricted the growth of the private sector earlier.
·        Alcohol, cigarettes, hazardous chemicals, industrial explosives, electronic aerospace, and drugs and pharmaceuticals.
Globalisation
Its means integrating our economy with the world economy through trade, transfer of technology and capital.

Sustainable Economic Development
Development should take place without damaging the environment, and development  in the present should not compromise on the needs of the future generation.

Illustration 1
    Where the production was organized until the middle of twentieth country?
Solution
    Production was organized largely with the countries.

Illustration 2
    Which commodities crossed the boundries of the countries?
Solution
    Raw materials, food stuff and finished products

Illustration 3
    Which main items were imported and which were exported from colonies like India?
Solution
    Raw materials and food stuff were exported and finished goods were imported.

Illustration 4
    Before the emergence of MNC’s which was the main channel for connecting distant countries?
Solution
    Trade

    

INTRODUCTION :
All the eonomies of the world are demanding support from other economies also. The process of integration of economies has led to the process of globalization. MNC’s are expanding rapidly and they are operating in the different parts of the world. For the development of globalization different agencies of the world like World Trade Organization and U.N. Agencies like World Bank and International Monetary Fund are working. All the countries of the world want Globalization but they are demanding the fair Globalization. This topic deals with Globalisation and other concepts related ot it, the problems in the system and the solutions of the same

Important terms:
    ·     Globalisation: Integrating an economy with the world economy
    ·     Liberalisation: Removing trade barriers between countries.
    ·     MNCs: Multinational Corporations
    ·     Investment: The money that is spent to buy assets like buildings, machines and equipment
    ·     WTO: World Trade Organisation which aims to libralise international trade
    ·     Trade barriers: Rules and regulation that regulate foreign trade
    ·     Flexibility: Given relaxation in trade and labour laws
    ·     SEZs. Special Economic Zones are those industrial zones which have been set up by the government of India to attract foreign companies to                   invest in the country

globalisation and related concepts :    
Globalisation, is the process of rapid integration of countries. This is happening through greater foreign trade and foreign investment.
MNCs are playing a major role in the globalisation process. More and more MNCs are looking for locations around the world that are cheap for their production. As a result, production is being organised in complex ways.
Technology, particularly IT, has played a big role in organising production across countries.
In addition, liberalisation of trade and investment has facilitated globalisation by removing barriers to trade and investment. At the international level, WTO has put pressure on developing countries to liberalise trade and investment.
While globalisation has benefited well-off consumers and also producers with skill, education and wealth, many small producers and workers have suffered as a result of the rising competition.
Fair globalisation would create opportunities for all, and also ensure that the benefits of globalisation are shared better.

Positive Aspects
Creating a large industrial base and increase in industrial production.
Earlier, we were importing food grains But now, we have become self-sufficient.

Negative Aspects
Industrialisation did not take place as expected.
Corruption, lack of efficiency in work and ineffective management became common features.

Need for Reforms
Government expenditure far exceeded its revenue. By 1991 our borrowings from abroad increased; 
we were not able to pay for imports.
All this led to the framing of a new policy, which is known as the New Economic Policy (NEP).

Liberalisation
Liberalisation contains two components.
(i)     allow private sector to run those activities which were restricted earlier only to public sector.
(ii)     relaxation of all the rules and regulations, which had restricted the growth of the private sector earlier.
·        Alcohol, cigarettes, hazardous chemicals, industrial explosives, electronic aerospace, and drugs and pharmaceuticals.
Globalisation
Its means integrating our economy with the world economy through trade, transfer of technology and capital.

Sustainable Economic Development
Development should take place without damaging the environment, and development  in the present should not compromise on the needs of the future generation.

Illustration 1
    Where the production was organized until the middle of twentieth country?
Solution
    Production was organized largely with the countries.

Illustration 2
    Which commodities crossed the boundries of the countries?
Solution
    Raw materials, food stuff and finished products

Illustration 3
    Which main items were imported and which were exported from colonies like India?
Solution
    Raw materials and food stuff were exported and finished goods were imported.

Illustration 4
    Before the emergence of MNC’s which was the main channel for connecting distant countries?
Solution
    Trade