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Fair globalisation refers to ensuring benefits to :
  • a)
    labourers
  • b)
    producers
  • c)
    consumers
  • d)
    all the above
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Fair globalisation refers to ensuring benefits to :a)labourersb)produc...
The correct option is D.
Fair globalisation would create opportunities for all and also ensure that benefits of globalisation are shared better. (i) Government policies must protect the interests not only of the rich and powerful but of all the people in the country.
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Fair globalisation refers to ensuring benefits to :a)labourersb)produc...
The correct option is D.
Fair globalisation would create opportunities for all and also ensure that benefits of globalisation are shared better. (i) Government policies must protect the interests not only of the rich and powerful but of all the people in the country.
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Fair globalisation refers to ensuring benefits to :a)labourersb)produc...
Fair globalization refers to the idea of creating a global economic system that benefits all stakeholders involved, including laborers, producers, and consumers. It aims to ensure that the gains from globalization are distributed equitably and that the negative impacts are minimized. The correct answer to this question is option 'D' - all of the above.

Benefits to Laborers:
- Fair globalization seeks to protect the rights and interests of laborers. It aims to ensure that they receive fair wages, have safe working conditions, and are not subjected to exploitation.
- Labor standards, such as those outlined by the International Labour Organization (ILO), are an essential aspect of fair globalization. These standards promote decent work, social protection, and respect for workers' rights.
- By prioritizing the well-being of laborers, fair globalization aims to reduce income inequality, improve living standards, and enhance social justice.

Benefits to Producers:
- Fair globalization recognizes the importance of supporting producers, particularly those in developing countries. It aims to provide them with opportunities for economic growth and development.
- This can be achieved through fair trade practices, which ensure that producers receive fair prices for their products and have access to international markets.
- Fair globalization also emphasizes the need for sustainable production practices that protect the environment and promote long-term economic viability.

Benefits to Consumers:
- Fair globalization aims to ensure that consumers have access to safe, affordable, and high-quality products and services.
- It promotes consumer protection measures, such as product safety regulations, labeling requirements, and fair competition policies.
- Fair globalization also encourages transparency and information sharing, allowing consumers to make informed choices and hold businesses accountable for their actions.

Overall, fair globalization recognizes the interconnectedness of laborers, producers, and consumers in the global economy. It acknowledges that sustainable economic growth and development can only be achieved when all stakeholders are treated fairly and have their needs and interests considered. By ensuring benefits to laborers, producers, and consumers, fair globalization aims to create a more inclusive and equitable global economic system.
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Similar UPSC Doubts

Read the information given below carefully and answer the following question.Much has been said and written about what foreign direct investment (FDI) in retail can do. Depending on which side of the ideological divide is speaking, the assertions are either that it is a magic wand to fix many big problems or that it is a destroyer of honest livelihoods, with little benefits of its own. What is common to both sides is that they are mostly low on fact, high on opinion and generate enormous amounts of confusion. Which is why, I think it is necessary to sift through all of the nose and look truth in the eye. The facts, as I see it, tell us that it has become a symbolic issue, far beyond what reality demands it ought to be; and that there is no need for either great celebration or for deep despair over the idea that FDI in retail is now a reality. My analysis tells a fairly straightforward story.The government has hugely exaggerated the quantum and immediacy of benefits it put on the table to sell the policy-that common man will benefit enormously, employment generation will be huge, the country’s supply chain will be transformed and large numbers of small producers and farmers will gain. As things stand, even if modern retail were to take off on all cylinders, these arguments would still not hold water for the next 10 years.For one, there is the fact that aside from very old markets like America and Europe, in most newly developed markets, modern trade accounts for only 20-25percent of all retail. India is already at 8 percent-which is significant – but the impact hasn’t been as dramatic as one would have assumed.Then there is the fact that the economics of the Indian market is such that it makes little sense for global retailers to focus on all consumers. I am convinced they will focus their energies on the top 33 percent of urban Indian households (a mere 10 percent of all Indian households); investing in the others isn’t quite what they know how to do profitably yet.As for small manufactures, I don’t see that huge numbers of them will benefit. Retailers across the world like to work with a small group of select vendors because it makes for better profitability. So yes, a small number will benefit significantly. And yes, employment will be generated. But it won’t be anywhere close to the numbers now being touted.Then there is the argument that encouraging modern retail to invest will provide the much-needed booster shot for the country’s dismal supply chain infrastructure. Here again, let’s face it. Retailers aren’t in the business of building national infrastructure. About the only infrastructure they’d be interested in is their last mile.The only argument that holds true is that kiranas or the small, traditional shopkeepers who are now an Indian staple, will not die. But that is a tribute to the small shopkeeper rather than prescience on the part of the government.Q.With which of the following about the benefits of FDI in retail would the author agree?1. The common man may not benefit greatly.2. Employment generation may not be thathuge.3. Farmers and small producers shall be benefited greatly.

It is often forgotten that globalization, is not only about policies on international economic relationships and transactions, but has equally to do with domestic policies of a nation. Policy changes necessitated by meeting the internationally set conditions (by WTO etc.) of free trade and investment flows obviously affect domestic producers and investors. But the basic philosophy underlying globalization emphasizes absolute freedom to markets to determine prices and production and distribution patterns, and view government interventions as processes that create distortions and bring in inefficiency. Thus, public enterprises have to be privatized through disinvestments and sales; sectors and activities hitherto reserved for the public sector have to be opened to the private sector. This logic extends to the social services like education and health. Any restrictions on the adjustments in workforce by way of retrenchment of workers should also be removed and exit should be made easier by removing any restrictions on closures. Employment and wages should be governed by free play of market forces, as any measure to regulate them can discourage investment and also create inefficiency in production.Above all, in line with the overall philosophy of reduction in the role of the state, fiscal reforms should be undertaken to have generally low levels of taxation and government expenditure should be kept to the minimum to abide by the principle of fiscal prudence. All these are policy actions on the domestic front and are not directly related to the core items of the globalization agenda, namely free international flow of goods and finance.Q.According to the passage, the basic philosophy of globalization is to

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