Globalization, Economy Traditional, UPSC Video Lecture | Indian Economy for UPSC CSE

hey guys what's up so we are discussing
Lord of important evergreen social
issues and in the previous course I have
the skirt woman empowerment what are
what is the definition of woman
empowerment
gender sensitization everything I've
discussed and in this particular lesson
we'll discuss the issue of globalization
globalization is becoming a very big
issue it is going on for last 3040 years
and now it is taking a huge pace reppin
at once land where Indians are traveling
to all the countries in the world and
all the other countries people are
travelling in each other's country and
the homogenization is happening
multinational corporation are making
sure that you have enough ample
opportunities Amazon here you over here
all these are example of globalization
if you go to you I say there is no
culture shock anymore you watch the same
TV series see the same movies Netflix is
here everything is here so let us talk
about globalization and overall course
instruction will discuss what is
globalization will trace the history of
globalization will see that all of the
Bretton Woods institutions factors which
are responsible for globalization impact
of globalization threats emerging due to
globalization myth about the
globalization and finally we will cover
the future of the globalization okay so
get set ready and if an essay comes this
course is your one-stop destination so
we'll cover what is globalization now so
what do you mean by globalization globe
means earth ization means when
everything is homogenized so
globalization is a very complex issue
partly because okay economy is only one
part of it
globalization is a greater global
closeness and that is globalization is
cultural social political as well as
economic some artisan is saying that
economic globalization is just one part
of globalization
it is more about we're watching the same
movies or not if you know that democracy
is there in u.s. in India the society is
similar politics similar economics
similar there is a greater global
closeness you know what is happening in
America Americans know what is happening
in India so it is basically it is much
more than economic globalization where
in the multinational corporations can
function in the anyway so at the same
time it is social political as well as
economic so it is a very diverse
phenomenon which relates to a
multilateral political world
to increase of the cultural objects and
markets between the countries in other
words globalization is primarily an
economic process of integration that has
social and cultural aspects it involves
lots of goods and services and the
economic resources of capital technology
and data so in 2000 IMF identified four
basic aspects of globalization please
remember it trade and transactions it is
second is capital and investment
movements third is migration and
movement of people fourth is
dissemination of knowledge however for a
better understanding we will discuss it
under the three categories ik economic
globalization cultural political and
finally we will start with the economic
globalization so we'll discuss the
economic globalization cultural
globalization and here the third one is
the political globalization Amara the
same is talking about social and
cultural so we have combined these two
together in our lesson so economic
globalization is basically the process
of increasing economic integration
between countries leading to the
emergence of a global marketplace single
world market except raw obviously what
about what it does is it increases the
economic interdependence of national
economies across the world okay and
through a rapid increase in cross-border
movement of core services technology and
capital and depending on the paradigm it
can be viewed as either as a positive or
a negative phenomenon so that is your
economic globalization some people
consider it positive some people when
certain is negative depends on which
side you are if you are getting benefit
from it then definitely it is positive
if you're not getting benefit from it it
can be considered as negative no
economic globalization comprises of
first is globalization of production
what do you mean by globalization of
production for example it refers to the
like good services you obtain them from
a particular source from different
locations around the world to benefit
from difference in cost and quality let
me talk about iPhone iPhone is basically
designed by the people sitting in
California that is hundred percent
correct parts can be sourced from like
different parts of the world Samsung
asserting
South Korea so their take screen from
Samsung's predatory from somewhere else
okay then they go to Chinese factory for
assembling then they come back to
various markets and India acceptor and
finally get sold
so there's proper globalization of
production whichever part is cheaper in
any part of the world you source it from
there second is globalization of markets
so globalization of markets is defined
as the union of different and separate
markets into massive global marketplace
for example Chinese company like Shyam
is the India's largest mobile
manufacturing cellular do you know that
we have the largest number of mobile
manufacturing in India to this point is
wrong Xiaomi okay and it is a Chinese
company so just to give context economic
globalization also includes a lot of
competition for example Ola will face
competition uber Flipkart will fail
competition face competition rooms from
Amazon etc then there is technology
there is corporations industries you'll
find all these components of
globalization of markets cultural
globalization is like transmission of
ideas meanings we're loosened the world
and which extend and intensify social
relations people and they are sitting
listening to jazz they are listening to
blues they are listening to the country
music off of USA when I was in USA one
girl who was black white and blonde she
was listening to shreya ghoshal music
this is typical example of cultural
globalization we watch their TV series
they watch our movies and this process
is marked by the common consumption of
cultures that have been diffused by the
internet like YouTube Netflix Amazon
Prime wat star popular culture media
international travel except ah now the
circulation of culture will enable
individual to take part or partake in
extended social relations it will
transcend the national and the regional
borders and this creation and expansion
of such social relation is not merely
observed on a material level it is a
much higher at a spiritual level it
involves formation of shared norms rules
knowledge with which people associate
their individual and collective cultural
identity is very very important lines
for essays now religions were among the
earliest cultural elements to globalize
and they used to spread by force
migration
evangelism and perilous traders
Christianity Islam Buddhism and recently
like Mormonism they are among those
religions which have taken root and
influenced Lord of endemic cultures and
in places much much far from their
origins sports is another element like
football connects everyone cricket
connects everyone for example modern
Olympic Games connects everyone from the
around the world FIFA World Cup is
considered as the most widely viewed and
following sport event in the world
it connects someone sitting in Bangalore
to someone sitting in Nairobi to someone
sitting in Cape Town to someone sitting
in International Space Station to
someone sitting in Antarctica except
similarly music has played an important
role in economic and cultural
development during globalization like
generosity jazz and reggae they began
locally now their international
phenomenon and similarly pundit Ravi
Shankar is also heard throughout the
world political globalization like
entire European Union and WTO reduces
the importance of nation states g8 ICC
they can replace or external national
functions and some people are the
citizens of multiple nations say to all
citizenship multiple citizenships ok
people are having citizenship of
different countries and interestingly
NGOs influence public policy across the
national boundaries including
humanitarian aid developmental efforts
and scholars also occasionally discuss
other dimension of globalization like
environmental colocalization like Paris
climate deal wanted protocol where
everybody is coordinating military
globalization like NATO except rap so
will continue the course hey guys what's
up so we are discussing a very important
course of globalization and I will cover
a lot of important Evergreen social
issues which you Piercy keen on us it's
very keen on asking from last 10 years
and for next 10 years they'll keep on
asking these issues more empowerment
globalization accept a weaker section of
the society OBC they see the STIs you'll
cover it in the later courses right now
we have discovered what is globalization
and we have discussed the definition now
we'll move to the part 2 where we will
try to trace the history of the
globalization in order to globalization
came into being which are the principal
players which are involved behind the
Asian and roll of Bretton Woods
institutions okay
World Bank and IMF and how did what what
is Bretton Woods which is at a place is
that a company is it up was that a
person who is it everything like this it
should be inquisitive nash should always
be there inside you another wise you
will not be able to crack ups see so let
us trace the history of globalization as
I have already told you it is going on
major Levi's last 22 years but if you
consider like Silk Route Alexander the
Great all these people are doing
globalization even industrialized
civilization to certain extent trading
with Mesopotamia except the
globalization also called as
internationalization it is definitely
not a new phenomenon by any stretch of
imagination that is going on from last
two three thousand four thousand years
so many scholars place the origin of
globalization modern times obviously the
scale is much different here you did not
go to USA two thousand years ago there
was no one in u.s. except some Native
American Indian rather try to trace it
long before the European Age of
discovery which was in 1415 century and
was just to the new world and some even
to the third millennia BC but not before
that
so they trace as I have already told you
link between then this valley
civilization under Sumerian civilization
this is that can be considered so the
trace between the Indus Valley
Civilisation and the Sumerian
civilization it can be considered as the
first point and thereafter trade had
taken place among various countries
including Greece Egypt Roman Empire and
so on and so forth so all these are part
of globalization like Roman used to come
to India and they used to take a lot of
spices apart from other imports and they
used to give gold for that that is a
spice is also called as black cold nor
those in regard to the need for trade
because there are certain resources
which are available in one particular
region well the they have to import the
other and they have to export their own
for the import purposes and that various
trade routes were there Silk Road is one
such example the Chinese silk traders
used to take this route
however globalization was definitely
interrupted in the first half of the
20th century that I 100% agree there was
a huge wave of protectionism there was
aggressive nationalism and it led to
world war one world war two it lead to
global economic depression everybody
wanted to be German French British
National American nobody wanted to be
global citizen the nation was it nation
was the highest form of loyalty and
service to the nation was considered the
highest form of pride and attainment
which one possibly can get as I told you
from last 30 to 40 years and 1980s that
is when the actual globalization started
it began to be used more commonly in the
1980s reflecting the technological
advances that made it much easier and
quicker to complete the international
transactions it is both the trade as
well as the financial flows so both of
this are included the Industrial
Revolution happened when the 19th
century
obviously distorted way earlier in 18th
century but it began like in full pace
on the 19th century it was one of the
major periods in the history of
globalization because of Industrial
Revolution like there was a significant
increase in the quantity and the quality
of products because earlier human used
to make them and it was obviously it's
not possible to match the machines and
once the mechanization started at the
Industrial Revolution started
it'll lead to increase in the quantity
of quality of products it led to higher
exports better trade relations and to
maintain them globalization became Sur
becomes a prerequisite so there was a
lot of colonialism which is started in
the 19th century there's a lot of
imperialism it further contributed to
the trade and with the world war 1 the
period referred to as pre globalization
came to an end so this is an important
point
hence the globalization originated in
the modern age towards the end of World
War 2 and it really picked up in the
last 40 years since the 1980s the major
reason is the result of development and
a lot of connectivity so what followers
of this connectivity was exchanged
across the border
in terms of trade ideas culture etc and
after the war the leaders of the world
decided to bring down the barriers
promote trade relations among various
countries across the globe moreover with
countries like India Sri Lanka Indonesia
they gained independence just after
World War two the need for economic
cooperation among nations become
essential right because no nation is
self-sufficient we need some quote some
services and products from outside no
nation is self-sufficient in today's age
now role of Britain's food institutions
is obviously there so first of all you
need to know what are Bretton Woods
institutions so the two institutions IMF
and World Bank they came about in
Bretton Woods conference in 1944 that is
why they are called as Bretton Woods
institutions it is a place in u.s. ok so
there's an important role to play in
making globalization work better and
they were created in 1944 to help
restore and sustain the benefits of
global integration what what did it do
how do they sustain it by promoting
International Economic Cooperation so it
is said that if two countries are
heavily dependent on each other
economically there is a very very less
chance that there can be war between
these two countries now today IMF and
World Bank are separate completely they
pursue their respective mandates which
is the common objective of broadly
shared prosperity World Bank is
basically it concentrates on the long
term investment projects 10 years 20 or
30 years 50 years building of the
institution's social environmental
poverty issues etc IMF is basically
focusing on the functioning of the
international monetary systems and on
promoting sound macroeconomic policies
as a precondition for sustained economic
growth because without sound
macroeconomic policies sustained growth
is impossible to achieve
now the IMF seeks to mitigate there is
obviously negative effects of
globalization right many people don't
like it takes away job etc but the
negative impacts the IMF wants
globalization to happen so it tends to
mitigate the negative
in the following ways it ensures the
stability of the international financial
system and by helping individual
countries take the advantage of the
investment opportunities which is
offered by the international capital
markets while reducing their
vulnerability to adverse shocks or
changes in investor sentiment IMF
believes that the economic growth is the
only way to improve living standards in
developing countries and this is the
best achieved through globalization
however IMF also recognizes that while
much progress has been made in making
localization work matter much work still
lies ahead this can be said for anything
in the entire world just say any
statement which follows by this so thank
you watching this lesson
hey guys what's up so we continue the
discussion on globalization this is the
part three here we'll discuss the
various factors which are responsible
for globalization impact of
globalization positives of globalization
and negatives of globalization so what
are the factors responsible for
globalization so primarily it is
possible because of various scientific
inventions Industrial Revolution a lot
of development that has worked to
interconnect the nation in every aspects
so there are two major factors which are
responsible first is transportation like
the steam locomotive engine jet engine
container ships are some of the advances
in the means of transport from which
import and export can be made really
really cheap and today modern aviation
like you can go from India to us in 16
RS just that that is how long it takes
it has made long-distance transportation
very very quick and very very affordable
second what is communication using
whatsapp calls you can call anywhere in
the world entire world what do you call
video call you don't even need a SIM
card now the rise of telegraph and the
19th century in 20th century
it's modern offspring the internet
mobile phones they show the development
in telecom infrastructure
Internet has been really instrumental in
connecting people across various
geographies even if you can connect to
people in Pakistan which was virtually
impossible 20 years over now you can
talk to any Pakistani on Facebook
whatsapp using Instagram Twitter and
many many more social networking
services okay and all of the improvement
we enjoy in the modern era they have
been the major factors in the
globalization and they have generated
further interdependence of economic and
cultural activities now what is the
impact of globalization
so globalization processes basically
they affect and in turn are affected by
business and work organization economic
social cultural resources natural
environment
now globalization obviously has led to
the growing competition across the globe
there is no doubt about it there are a
lot of beneficial aspects that increase
production and efficiency and
competition increasing market space it
can lead to specialization obviously it
improves the division of labor you can
better plan your resources you can
better allocate them and once you have
economies of scale so let's say the bulk
production takes 50 rupees if you make
500 pieces what if you make five million
pieces it might take only ten rupees if
you make ten million pieces it might
take only five rupees that's how the
economics of scale works so it has like
huge effects on cost and prices and it
provides a stronger impetus for economic
growth it really helps on the other hand
there are lot of costs of globalization
as well it can lead to conflict at
various levels for example US engineers
does not like that an Indian guy comes
and take their job okay nobody will like
that
similarly US citizens don't like that
Mexican comes and take their job so that
is why Donald Trump then the election
based on the wave of NT migration
especially since many of these
beneficiary of globalization have been
the richer countries of OCD so weaker
countries don't like that rich countries
come and get their technology and
defeated their industries so the net
result has not been convergence but
rather divergence of the incomes
worldwide who are getting poorer which
are getting richer rapid growth economy
like Asia joining richer nations but
with poor nations of Africa Latin
America South Asia even in Eastern
Central Europe they are slipping further
behind this experience basically
demonstrates that integration into the
global economy can bring major
advantages for developing current
is provided they have the right policies
tools and necessary willpower to
basically take the advantage of it you
can also like let's see the overall
advantages and disadvantages of
globalization so everything becomes
clearer so the positives also all the
pros are advantages are so globalization
has enriched the world scientifically
culturally and benefited many people
economically as well this is the
statement of a mark the same with a
Nobel laureate from India so first of
all the markets are better organized you
can get the cheapest stuff possible the
flip card is not going you go to Amazon
if they are not going to go to snapdeal
if they are not you go to shop close
even if they are not going to go to
Chinese company like Aliexpress calm so
growing economy well-organized effectual
markets are essential and lot of open
economies and better trade are coming
along so with them you can outsource
your production services if you want
engineering team to be made in India you
can do it sitting in Silicon Valley and
thereby you can improve in quality and
say one cost ok and a lower selling
price could result in increased demand
and affordability and that's how you can
out-compete your competition but
obviously there is increased competition
if the let's say there was no
globalization then Ola can easily copy
the uber model and there over can't come
to India but now since they can come to
India there will be more choices
available standards were to be raised
each producer will be in constant
process of improving the product this
will bring down the prices eventually
throw this promotion of commerce and
trade obviously it results in lot of MNC
is multinational corporation
transnational corporation coming and
doing inward investment for example
McDonald's is in India Tommy knows is in
India please note is an Indian on of his
place an Indian company okay for this
cultural exchange obviously you get to
learn about u.s. culture or Western
Europe or whatever so sharing an
exchange of ideas happens experiences
happen values traditions lifestyle of
people and people can experience foods
other products which are not previously
available in their countries
so tourism also leads to cultural
exchanges then you have a lot of
transnational marriage okay it is
between two people from different
countries so in an age of increasing
globalization we are a growing number of
people
have ties to network of people places
across the globe and rather than to a
current geographic location people are
increasingly marrying across the
national boundaries so transnational
marriage is a byproduct of the movement
and migration of people so that is a
transmission where it is lot of it is
happening and more tolerant world is
coming along don't think that we are
intolerant if you want intolerance go to
the 15 century Europe then he will
realise what is intolerance society in
general is becoming more open tolerant
towards each other people who live in
the other parts of the world are now not
considered aliens ok human rights can
flourish in such environment an
international education is given you
know something about the USA it has 50
states ok more and more students are
seeking higher education in foreign
countries and many international
students have overseas study as a
stepping stone to permanent citizenship
residency except raah
and foreign in foreign students bring a
lot of experience with them and it
enriches and it helps the local people
also the institution's goes out of their
way to help in immigration and visa
policies and procedures then global
welfare vision is there so part of
global violence philanthropic group like
Bill and Melinda Gates Foundation accept
are coming along so they help in like
providing immunizations to some of the
world's more impoverished but rapidly
growing countries negative points
includes interdependence happens over
example if there is crisis in Europe so
that lets a 2008 crisis in u.s. that
affects everybody economic sovereignty
is losing out everybody is member of EU
and Europe nobody is safe Germany is a
very powerful economy but when pigs
crash Germany also got affected i brakes
it is affecting the entire world then
there is a lot of exploitation which
happens through transnational
corporations multinational corporations
of the local labor outsourcing is bad
because the jobs are not provided to the
population in the country there is a lot
of environmental effect because
everybody wants to maximize their profit
and they take raw material like anything
loss of cultural diversity will happen
because everybody will become
homogeneous eventually
there will be no difference in skin
color religion taste so some argue that
ultimately it will lead to
westernization or Americanization of
culture and finally there will be
increased isolation policies for example
America is doing under Donald Trump
North Korea is already doing it it's
very difficult for foreigners to enter
the country and strictly monitors their
activity when they do and workers are
subject to considerable scrutiny
excluded from places and regions that
government does not wish them to enter
and citizens cannot freely leave the
country also thank you hey guys what's
up so we are discussing a very very
important topic of globalization in the
last lesson we'll discuss a lot of pros
and cons of globalization and how
globalization is coming into effect and
we are continuing the discussion on
various important evergreen social
issues and now here we will discuss the
threat which is emerging due to
globalization obviously there are
multinational corporations which
overtake the entire garment and the
virtually run the world just like
British East India Company in today
India and there are a lot of myths about
globalization which I will try to make
it adequate and go over with ok so let
us see the part for threats emerging due
to globalization myths about
globalization there are a lot of threats
which emerge through globalization so
the term globalization basically means
transformation so it may create some
unwanted outcomes that are not good for
a particular region and the whole world
as well obviously everything has pros
and cons there is no doubt about it that
globalization is also a phenomenon which
have its own pros and cons first of all
there are a lot of environmental
challenges ok so once you become a
multinational corporation they have only
thing which you think about is profit
and the increase in the share prices
that is the only thing people think
about they don't care about global
warming cross-boundary water pollution
and air pollution overfishing of the
ocean there all lived with globalization
because everybody wants to maximize
their production and everybody wants to
maximize their profits now that is where
it is biggest concern with
emerges from the globalization cultural
practices like traditional music except
raw will be lost because it is very easy
to access the pop music of the West and
basically globalization can trigger a
state of emergency for the preservation
of musical heritage is already happening
people are listening to the western
music it is very easy to get it now
YouTube everybody has the excess
smartphones are cheap from Xiaomi and
Internet is provided by geo so it is
very easy to get songs there now lot of
archivists there attempt to collect
record or transcribe report to us before
minorities are assimilated or modified
while the local musicians may struggle
for authenticity and to preserve the
local musical tradition at the same time
so what will happen is eventually when
they realize that it is not Roman era
t'v enough just like British it
destroyed our artisans because they did
not think it was eliminated of enough
similarly these local performers who are
performing their own music they will
tend to discard the traditional
instruments and they will tend to pick
up those instruments where money is
because at the end of the day they will
need to sustain their families now a
variety of special issues arise in
marriages between people from different
countries obviously it is a pro also but
it is a cone also it can reach to more
divorce rate including like there are a
lot of issues related to citizenship
that there will be citizen of this
country or Alba citizen of your country
then it will add to lot of complexity
there will be difference in culture
whether your children will belong to
this culture or that culture there are a
lot of challenges to these kind of
relationships and these are emerging for
the first time in our lifetimes never
used to happen earlier obviously they
had example of Helen and like
Chandragupta Maurya but that is separate
issue in too many instances the march to
globalization also meant the
marginalization of women and girls and
all that must change so Hillary Clinton
said that globalization may we have
taken the men forward but women and
girls unfortunately have left behind
which is true to a certain extent they
have origin it is created or naughty
by any stretch of imagination and that
is why we need to do that now there are
a lot of myths associated about
globalization various people think it is
off as evil but those people who really
make profit out of it they think it is
the best thing that has ever happened to
Planet Earth
so no discussion of globalization can be
complete without discussing some myths
and let them be destroyed downward
pressure on wages globalization is very
very rarely the main factor that will
foster the wage moderation in low
skilled workforce in developed countries
this is mainly because of robots and
mechanization and as more and more work
we can be mechanized and as lesser
people are needed to do a given job the
demand for that labor will obviously go
down and as a result the prevailing
wages will also go down for the labor I
think this is pretty straight forward
instead of globalization instead a
rather blame mechanization or robots but
that is also needed because that produce
is faster and cheaper so at the end of
the day consumers benefit second is the
race to the bottom globalization is not
cost the world Simon sees to simply
score the globe in search of the lowest
paid laborers this is not the way mn
seas function this is a very big month
associated with them so there are
obviously lots and lots of factors that
enter into corporate decisions from
where to source products including the
supply of skilled labour economic
stability political stability obviously
the country has to be that right
otherwise they can lose their investment
local infrastructure quality of
institutions overall business climate
everything they look into before making
a decision now in an open global market
the jurisdictions to compete with each
other to attract investment and this
completion in corporate factors which
are well beyond just the hourly wage
rate nor it is true that MNC is make it
consistent the practice of operating
search shops and low wage countries
obviously this is what the you're
basically they will show that lot of
labourers are working for 20 hours a day
and Evans these are not paying them
and our conditions are very poor
especially they showed in China and they
have even substandard wages this is not
true at all
and when see is usually a very ethical
when it comes to these domains
now while isolated examples of this can
shortly be uncovered obviously there
will be some examples of it I am talking
about by and large you can't be making a
myth out of it it is well established
that MNC is on average they pay higher
wages then what is the standard in
developing nations and offer highest
form of labour standards
okay then globalization is a reversible
no this is not
but for significant period of time its
momentum can be hindered by a variety of
factor let's say polit tomorrow and yes
there is no FDA's allowed nothing can be
done and availability of infrastructure
also so what it was thought to be an
irreversible path towards peace and
prosperity until the outbreak of world
war one okay
and then there was great depression then
there's World War two so in many ways we
are still trying to recover the momentum
that was lost over 90 years so that
fragility of nearly a century ago still
exists today as you see on 911 then
there was hauled complete financial
markets are down at normal weekend so
just remember that everything is not
reversible nothing is irreversible
except I'm open to globalization will on
its own deliver economic growth this is
wrong just integrating is not sufficient
we have to make it work you have to like
make you have to remove the corrupt
political class you have to improve
their infrastructure micro economic
stability has to be there then the
shrinking states or technologies that
facilitate economic and commerce have
curved the power of some despots
throughout the world but the globalized
world governments take on new importance
in one critical aspect with respect to
contracts property rights except rrah
so the idea of globalization shrinking
States obviously is wrong because states
are not shrinking and their power is
same
thank you watching this lesson
hey guys what's up so we are discussing
more important evergreen social issues
we have covered the gender issues women
empowerment and now we are dealing with
the globalization we have covered the
pros and cons of globalization we have
dispelled the myths associated to
globalization we have seen the scope of
globalization and so on and so forth and
in this part we will see the future of
globalization how the globalization is
going to evolve how are we going to
respond how is in the upper pair to do
that
how is the world prepared to do that and
what will be the outcome of
globalization eventually so whenever you
talk about future of globalization
I always think of this code vac Kofi
Annan okay so we have to choose between
a global market driven only by
calculations of short-term profit and
one which has a human face ok so try to
choose one with the human face always
think of us as humans first and then
profit making machines later on so don't
think about short-term profit that much
this is the message to various companies
multinational corporations so like a
snowball rolling down a steep mountain
globalization seems to be gathering more
and more momentum so just right like an
avalanche it is growing and the question
which is lot of time also about
globalization is not that whether it
will continue or not everybody knows
that globalization is here is to stay
and unless something drastically have
drastic happen like World War three
globalization will continue but then the
important question becomes that
globalization is continuing but the
portaloo the pace will be more but it
will be the same whether it will slow
down etc now various disparate set of
factors different set of factors will
dictate the future direction of
globalization where it is going to go
but one important entity sovereign
government should never be overlooked
because it is the sovereign governments
which are sovereign sovereign in the
truest sense of the word means they are
not dependent on anyone tomorrow no any
country can become North Korea and shut
down everything okay
they still have the power to read
significant obstacles to globalization
for example China can say that Facebook
is banned to tomorrow India can also say
Facebook is great government is making
its own Facebook now it ranges from
tariffs to countervailing duty 20
dumping duty and what not to like
military hostility is accept rah and
nearly a century ago global economy
basically operated in a very very open
environment with good services and
people they were able to move across the
borders with little or if any difficulty
okay but now we will see a lot of
difficulties are there you have to get
visa and whatnot so that openness begin
to wither away with the rise of
nationalism with the onset of World War
one in 1940 and lots of things got lost
between these two years between 1914 to
1945 and in this year you see a lot of
global depression going on you see world
war 1 going on you see world war 2
people didn't trust each other
there was army there were four wars and
whatnot the government basically in
these 30 years recognized the importance
of international cooperation and
coordination because they knew that
without the cooperation and coordination
nothing can happen they will again be a
war and we need to connect every country
to each other economically it led to the
emergence of numerous international
organizations and financial institutions
and it includes the IMF World Bank in
1944 so the lessons here include that
avoid fragmentation avoid isolationism
and avoid the breakdown of cooperation
rather promote the cooperation among
nations and the world is still made up
of nation-states and a global
marketplace and the sovereign government
has their own role to play but we need
to get to the right rules in place so
that the global system is much more
resilient it is more beneficial and more
legitimate so basically all the
international institutions we have a
very very difficult but an indispensable
role in helping to bring more of
globalization benefits to more people
throughout the world so that should be
the goal of these international
organizations now by helping to break
down these barriers what
these barriers they range from
regulations to the cultural barriers
more countries basically they can be
integrated into the global economy and
more and more people can seize more of
the benefits of globalization now
globalization is an ongoing process an
EU globalization is done ho-yeah as a
nino and there is this linking people
neighborhood cities regions except rrah
and there's also linking countries which
are much more closer together than they
have ever been before
for example European Union is a typical
example of globalization in just 70
years ago France and Germany were
fighting each other now there is
absolutely virtually there is no border
between France and Germany now there is
also interconnectedness among the humans
on the planet this is also called as a
global village in it Hindi also there is
a phrase called as Sanskrit rather over
so they become become so here the
barriers of national international
boundaries become less irrelevant world
is a smaller place figuratively you can
go anywhere the process is basically did
what so they were Tonga meals and that
world is one family so it is driven
economically by international financial
flows and trade technological by IT mass
media entertainment very significantly
by very human means like cultural
exchanges migration international
tourism except raw so we feel like we
are in a networked world just like
internet so what this has resulted is is
that it has resulted in our lives being
intertwined with people in all the parts
of the world why are the food we eat
because we eat the same burger with the
same pizza so my grandfather did not
know that there is something called as
burger there is something called as
pizza we did not know a word in English
we did not know there is a country
called as USA now I have been there
so just in 2050 as you can see what
difference it can make the clothing we
have the music we listen to the
information we get the ideas we hold
everything is different other countries
have not done so well for example a
large part of the population especially
in the subs Iran Africa has been left
behind by the economic progress so there
is a huge disparity between the world's
richest and the poorest countries
they're whiter than ever before and
there is increasing incidence of poverty
within the countries
poverty is obviously unacceptable on
moral grounds but it also forms the
breeding grounds for war and terrorism
people are dissatisfied they take up
arms so the greatest challenge to the
21st century peace and stability is that
we should get rid of poverty and
reversing the process of globalization
will obviously not solve the problem of
poverty because the poverty was much
more in 20th century than in the this
century now the world's need a new
approach to globalization that exploits
its enormous potential for improving
human welfare please remember this line
world needs a new approach to
globalization that exploits its enormous
potential for improving human welfare
we need to carry forward the process we
need to build support for better
globalization common political
understanding how to many maximize the
benefits minimize the risk and greatest
asset is obviously Britain what
institution IMF and World Bank because
they have the membership of over 180
countries and mutual respect and Trust
is there both the institutions also to
cognise need for change internal reforms
IMF has implemented many reforms in this
and tiers designed to strengthen
cooperative nature improve its ability
to serve its members and the potential
of globalization can never be realized
unless there are rules and regulation in
place and individuals to enforce them
ultimately poorer countries weaker
sections should not be poor due to the
fruits of globalization and it should
not be just limited to the elite section
of the society it has to be balanced for
the future of the world that should be
peaceful and Wireless Kofi Annan said if
globalization is to succeed it must
succeed for poor and rich alike it
deliver rights no less than riches ok it
must provide social justice and equity
no less than economic prosperity and
enhanced communication
thank you're watching this course