Globalization may be defined as a linkage between various nations that facilitates seamless flow
of capital, labor, technology, trade and services. Different economies
have different degrees of globalization, following domestic restrictions.
In the recent past, globalization has indeed resulted in
substantial creation of wealth, prosperity and progress. Globalization has
also resulted, over a period of time, in liberalization and
privatization, paving the way for the near universal acceptance of market
capitalism. Market capitalism has generated competitive forces,
thereby facilitating excellence in performance. Today, we are living in
a global village where resources flow unhindered and where
superior communication technology has occupied a place of primacy.
Has globalization resulted in a fairer distributive justice? Has
it succeeded in poverty elimination or has it aggravated income
inequalities and caused more poverty? The obvious answer is poverty
levels have not decreased in the new regime, as about one billion
people still languish in absolute poverty. These people are not in a
position to satisfy their basic minimum requirements of food, clothing or
shelter. `A dollar a day' poverty line is accepted internationally as an
absolute poverty line. |
