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Economic globalization in the 21st century: A case study of India

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  • Sonia Mukherjee

    (Assistant Professor, Christ (Deemed to be) University, NCR, India)

Abstract

Globalization has integrated the economies of the world, especially the developing countries. With that, there has been considerable progress in economic globalization. Economic globalization, is defined as increased interconnectedness through higher trade volumes and enhanced capital flows. Factors such as better transport and communication facilities, relaxation in government policies, and advancement in technology (digitally and physically) have led to rapid economic globalization. In case of India, Multinational Corporations (MNCs) have contributed a lot towards the globalization process. The MNCs have attracted non-debt creating flows and imported technology for the benefit of the country. The liberalized government foreign trade policies have helped in increasing trade openness. In spite of the progress, numerous challenges in various forms such as lack of strong and efficient institutions, favorable redistributive and regulatory policies, domestic companies unable to compete with foreign MNCs, increase in the volume of foreign portfolio flows and MNCs adopting oligopolistic practices. Suitable policies and corrective measures can help the economy in matters of further progress in globalization.

Suggested Citation

  • Sonia Mukherjee, "undated". "Economic globalization in the 21st century: A case study of India," Review of Socio - Economic Perspectives 202179, Reviewsep.
    • Handle: RePEc:aly:journl:202179
    DOI: https://doi.org/10.19275/RSEP105
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    References listed on IDEAS

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    More about this item

    Keywords

    Economic Globalization; India; FDI flows; Trade volume; Integration; challenges;
    All these keywords.

    JEL classification:

    • F60 - International Economics - - Economic Impacts of Globalization - - - General
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • F68 - International Economics - - Economic Impacts of Globalization - - - Policy

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