The Impact Of Globalization On Management Education In India
mpact of Globalization on Management Education in India Globalization and its Meaning
The term globalization means integration of economies and societies through cross country flows of information, ideas, technologies, goods, services, capital, finance and people. Cross border integration can have several dimensions cultural, social, political and economic. In fact, some people fear cultural and social integration even more than economic integration.
Historical Development
Nothing is permanent, only change is permanent. Globalisation is a feature of the changing world. It is no longer a new phenomenon in the world, and since India is a major player in the twenty-first century, we face of its socio - economic. The initial enthusiasm for globalization as a positive number of processes have led to an understanding that the phenomenon is largely associated with increasing social inequality within and between countries as well as instability and conflict.
Globalization is impacting the institutional framework in both developing and industrial countries. It is changing the way in which governments perceive their role in the society. It has also far reaching implications for socio economic development and educational systems of countries all over the World. With abundance of natural resources India has huge young and skilled man power to excel in every walk of life.
Globalization has been a historical process. During the pre-World War I period 1870 to 1914, there was a rapid integration of economies in terms of trade flows, capital flows and migration of people. The growth of globalization has been mainly driven by technological forces in the areas of transportation and communication. In fact there were no passports and visas, and very few non-tariff barriers and restrictions on the flow of funds. The globalization process has been slow between the First and Second World War. After World War II, all major countries determined to avoid repeating the mistakes they had made prior to opting for isolation. Although after 1945 there was a campaign for greater integration, who took the time to reach the level before the World War.
In terms of percentage of exports and imports to total output, the US could reach the pre-World War level of 11 per cent only around 1970. Most of the developing countries like India, Pakistan, Bangladesh, Srilanka which gained Independence from the colonial rule in the immediate Post-World War II period followed an import substitution industrialization regime. The Soviet bloc countries were also shielded from the process of global economic integration. However, times have changed. In the last two decades, the process of globalization has proceeded with greater vigour.
The countries of the former Soviet Union are integrated into the global economy. More and more developing countries turn to outward-oriented growth policy. However, studies show that trade and financial markets are more globalized today than they were in the 19th century. However, there are more concerns about globalization now than before due to the nature and speed of processing.
Benefits of Globalization
Every event, activity and decision has its advantages as well as disadvantages. The benefits from globalization can be analyzed in the context of the three types of channels of economic globalization identified earlier.
Trade in Goods and Services
We know that international trade leads to allocation of resources that is consistent with comparative advantage. This results in specialization which enhances productivity. It is accepted that international trade, in general, is beneficial and that restrictive trade practices impede growth. Thats why many of the emerging economies, which originally depended on a growth model of import substitution, have moved over to a policy of outward orientation.
Trade in goods and services is important for all types of weather developed or developing economy. Emerging economies will benefit from the international trade if both trade agreements to make exceptions to allow more time for developing economies in terms of reducing tariff and nontariff barriers. "The special and differential treatment", as is often called has become an accepted principle.
Movement of Capital
Capital is key factor of production. Capital flows across countries have played an important role in enhancing the production base. Without capital any type of economic activity is not possible. India had fund crisis several times. Capital mobility enables the total savings of the world to be distributed among countries which have the highest investment potential. Under these circumstances, one countrys growth is not constrained by its own domestic savings.
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