Mass Media And Its Influence On Consumer Culture - 1497 Words

1.0 Introduction Consumer researchers have recognized that people consume in ways that are consistent with their sense of self (Sirgy, 1982). Consumption is not only a tool to obtain the value of goods and display social status, but also is closely related to self-identity. In the consumer culture, customers no longer just shop because of their needs. The desire of individual s self-development and self-taught continue to stimulate the consumption. People change themselves as much as possible by buying new goods. In answer to the problem what kind of person he is, people not only judge other people according to a virtue or quality of the individual, but tend to be based on personal lifestyle or behavior consistent with specific†¦show more content†¦3.0 The importance of advertising In the increasingly competitive market, people pay more attention to the development of brand image. Meenaghan (1995) stated that advertising is considered to be an important marketing tool. It informs consumers of the product information and it is a popular and effective way to communicate with their customers. Companies could attract target groups through advertising. Advertising are largely based on defining the desires and dreams of the consumers so it do not attempt to manipulate consumers, but rather the symbolic meanings which are attached to the products. When a company launches advertising, its goal is to promote consumption and increase market sales. Abideen and Saleem (2011) stated that advertising promotes product awareness in the minds of all the potential and target consumers and as such playing a huge role in influencing the consumer purchasing decision. Therefore, many companies choose to make the advertising to attract the customers. These companies also use consumer ‘s self-identity concept to advert and let the customers know the products could satisfy their self-identity. There are three different advertisements below. 3.1 Chanel Advertising is a major carriers of brand. The advertisement of Chanel No. 5 perfume has an amazing visualShow MoreRelatedMass Media Influence On American Culture878 Words   |  4 PagesMajor developments in the evolution of Mass Media The new era of technology led to major developments in the evolution of mass media, worldwide. In our society, we originally communicated orally before the Internet and wireless devices existed. Individuals relied on traditional forms of mass media, such as the television, radio, newspapers, and magazines, to attain knowledge of the outside world. Thereafter, the development of new forms mass media evolved, and we were introduced to the InternetRead MoreThe And Dissemination Of Cultural Values, Ideologies, And Hierarchies832 Words   |  4 Pagessemiotics, important issues to understand the full web of the â€Å"word-concept† culture, dominate much of the theory and practice. The most common debates are over naming eras and redefining terms like popular, culture, popular culture, etc. Despite the debate, the historiography maintains four important foci for the construction of cultural values: industrialization and the Progressive Era, the influence of industrialized media, the concept of shifting contexts, and a reference an attempt to identifyRead MoreThe Effects Of Mass Media On American Culture951 Words   |  4 PagesEffects of Mass Media Introduction Why is mass media influencing the American culture? This is what we are going to be discussing in this essay. It’s important that we understand where the media has come from and where it is now and the journey that it is taking the American culture in the last century. America has now explored what un-traditional media and it has a major impact on the culture called new media. 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Newspapers, magazines, radios, and televisions constantly give out messages to promote products, attitudes, and ideas in an attempt to influence audiences. The effect is further enhanced when digital media, particularly the Internet, enters the competition for the limited supply of audi ence attention. The saturated mass media industry no longer has the benefit of reach it used to haveRead MoreCulture in Theodor Adorno and Max Horkheimer’s Book Dialectic of Enlightenment609 Words   |  3 Pagesâ€Å"Culture Industry: Enlightenment as Mass Deception† is a chapter in Theodor Adorno and Max Horkheimer’s book â€Å"Dialectic of Enlightenment† it goes onto discus the conflicts presented by the â€Å"culture industry.† Adorno states that the culture industry is a main phenomenon of late capitalism, encompassing all products from Hollywood films, to advertisements, and even extending to musical compositions. Adorno is very deliberate in noting the term â€Å"culture industry† over â€Å"mass culture† this was doneRead MoreThe Mass Decline Of Childhood Identity And The Social Implications Involved899 Words   |  4 Pagesprimary consumers of marketing (Hill, 2011, p. 348). As the documentary Consuming Kids illustrates, infants are easily deceived by society, culture, and especially media scams (Barbaro, 2008). Marketing has shifted the focus of children from traditional playing to various consumerist desires. This paper will explore the causes of the mass decline in childhood identity and the social implications involved. The impact of marketing for children will be examined through its effects on culture and societyRead MoreSocialization As A Function Of Media1561 Words   |  7 Pagesof Media Mass media, significantly through mediums that project news and information, greatly affect what and how we learn about the world around us. 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Juveniles have committed crimesRead MoreMass Media Usage813 Words   |  4 PagesIntroduction to Media Industries Media Visualization Essay Media Usage Mass media has become a powerful tool in shaping our culture, and is largely reflective of our society today. According to our text book and class lecture notes, mass media can be loosely defined as the technological vehicles through which mass communication takes place, along with the industries which control them. Over the years, mass media, has had a profound effect on American society, on its culture, and on the individuals

While Psychology Theorists Vary Greatly On Their Theories

While psychology theorists vary greatly on their theories of personality, they all concur that numerous elements go into the creation and development of personality. The elements used in the creation and development of personality are: nature versus nature, the unconscious, view of self, development, motivation and maturation. Each of these elements contributes to the understanding of personality theory. To better understand the connection of these elements and the formation of personality theory researchers have conducted cases studies, surveys, and laboratory observations in order to observe the relationship between these elements and personality. Based upon the research that has been conducted correlations and casualty can be formed†¦show more content†¦Foundations of Personality Nature Versus Nurture The argument of whether an individual’s personality is defined by nature or nurture is one of the oldest debates in psychology. On one hand, are biological theorists who use research to support the importance of genetics on behavior (Zaky, 2015). On the other hand, are theorists who support the theory of tabula rasa, which is the stance that we are born with blank slates and acquire our personality from experiences (Zaky, 2015). An example of a biological theorist is, Bowlby who viewed infant attachment as being an innate process for survival (Zaky, 2015). By contrast, behavioral theorist Bandura states that personality is developed based upon social experiences Zaky, 2015). Of note in the debate between nature and nurture in personality development is a study conducted by Dr. Fatima Kamran (2016) regarding perceived personality differences between siblings by parents. This was a very important study in regards to nature versus nurture, since both lines of thought would suggest that siblings that share genetics and home environments would be similar to each other. In this study, parents of siblings with an age difference of no more than five years, were studied to determine if they perceived differences in their children’s temperaments (Kamran, 2016). Despite behavioral geneticShow MoreRelatedThere Is A Wide Array Of Theories About The Cause Of Crime1102 Words   |  5 PagesThere is a wide array of theories about the cause of crime ranging from predisposition to environmental factors. Research and development of these delinquency theories have progressed and been categorized by biological, psychological, and sociological theories. A major biological theory is Richard Dugdale’s theory of inheritance. There are several psychological theories with two of them being intelligence theory and Sigmund Freud’s personality trait theory. Sociological theories includes Emilie Durkheim’sRead MoreGrowth And Develop ment Of Personality Psychology1208 Words   |  5 PagesCorissa Beairsto Personality Psychology 321 09/1/2014 Growth and Development in Personality Psychology With the growing research in Psychology, we find the question, â€Å"how did we get this way,† more common in development across the lifespan. (Cervone Parvin, 2013) Personality theorists are looking more at this question, pushing to understand personality development even more. Two main challenges are faced while studying personality development; the patterns of development consistent with what mostRead MoreThe Theory Of Body Types, And The Y Chromosome Theory1194 Words   |  5 Pagesto Sociology March 26, 2016 Deviance Many different theories exist regarding deviance. Biological, psychological, and sociological perspectives have applied their different thought processes to produce many theories. Some of these ideas have been discredited, however some remain significant today. Sociological theories differ from biological and psychological theories by looking at external factors rather than internal ones. Biological theories on deviance are the result of looking for answers thatRead MoreA Social Perspective On Child Development1304 Words   |  6 Pagesby the culture a child grows up in. The theory integrates the level of proximal development. In other words it can be described as the range in the development of a child between their ability to perform a duty by themselves and their ability to accomplish something with the help of an adult. Piaget is known for the cognitive developmental theory that sees the knowledge, and cognitive development, as taking place in different stages. If you use his theory, it includes the belief that the child passesRead MoreEssay about Useful Theories of Human Development1807 Words   |  8 PagesThere are many areas of psychology. The field of human development is divided into five main theory groups. The theory groups are psychodynamic, biological, cognitive, behavioral, and systems. Each theory group has many contributing theorists, all with different views, beliefs, research methods, and life experiences. All theories are valuable in the field of psychology, however some theories may prove to be more helpful than others, in specific careers. There are some theoretical approaches thatRead MoreRelationship Between Pay And Motivation Essay1718 Words   |  7 Pagesgoals. That is what causes you to act in a certain way. There are two primary theories of motivation that are often used by employers: extrinsic motivation and intrinsic motivation. In this essay I will be looking at two different theorists with different views on relationship between pay and motivation. Maslow and Taylor are two theorists that I will be looking at and comparing the pay and motivation. Maslow s theory uses hierarchy of needs. Maslow states that there are 5 main levels of needs.R ead MoreLev Vladimirovich Kuleshov and The Moscow Film School Essay918 Words   |  4 Pageshold that they began to manipulate their audience into following a story their way and feeling it in those exact steps. Lev Vladimirovich Kuleshov a Soviet filmmaker and film theorist in the 1920s who taught at and helped establish the world’s first film school, the Moscow Film School. He was one of the very first film theorists and one the great pioneers of early editing regarded amongst worldwide filmmaker and he is famous for what became known as Soviet Montage. From Kuleshov perspective, theRead MoreThe Linguistic Intelligence Of Multiple Intelligences968 Words   |  4 Pageslinguistic intelligence, logical-mathematical intelligence, spatial intelligence, bodily-kinesthetic intelligence, musical intelligence, interpersonal intelligence, interpersonal intelligence, and naturalist intelligence. The linguistic intelligence theory is described as the ability to speak and write as well as the ability to understand written and spoken language. People utilize their verbal and linguistic skills during a typical conversation. People with very high linguistic skills may find themselvesRead MoreBiopsychosocial and Biomedical Model of Health1648 Words   |  7 PagesHuman beliefs about the causes of illness and injury vary from one era to another. In the Neolithic times (c.a 8000- 9000 b.c ), illness and injury being common phenomena’s, were directly associated to natural events manipulated by higher powers which also controlled climate changes and other natural events. Overtime, healing ceremonies, songs, sacred objects, and incantations were developed as means of pacifying the evil forces which were believed to cause diseases, and illnesses. Then, during theRead MoreBiopsychosocial and Biomedical Model of Health1636 Words   |  7 PagesHuman beliefs about the causes of illness and injury vary from one era to another. In the Neolithic times (c.a 8000- 9000 b.c ), illness and injury being common phenomena’s, were directly associated to natural events manipulated by higher powers which also controlled climate changes and other natural events. Overtime, healing ceremonies, songs, sacred objects, and incantations were developed as means of pacifying the evil forces which were believed to cause diseases, and illnesses. Then, during the

Integrated Design and Construction

Question: Discuss about the Integrated Design and Construction. Answer: Introduction: Also called PS, polystyrene insulation refers to using a synthetic aromatic fiber which is manufactured from a styrene monomer in the insulation of structures. As opposed to the other insulators, polystyrene if found rigid. It can also withstand very high temperatures and as well act as a barrier to noise thereby reducing noise levels(Harley 2002, p. 358). This insulation occurs either as expanded polystyrene or extruded polystyrene. Expanded polystyrenes are found in such substances as packing foam pellets which such times as models of architecture are often made from extruded polystyrene. Foamed polystyrene contains numerous micro air bubbles which are contained within it. Being that air is a poor conductor of heat and with the high thermal mass of polystyrene, polystyrene becomes efficient in insulation preventing the transfer of heat. As the thickness of polystyrene increases, its effective thermal insulation properties also increase with this increase even higher in extruded polystyrene. Extruded polystyrene is a better thermal insulator than expanded polystyrene due to the high density of its structure and its ability to resist moisture(Elpel 2010, p. 139). On the other hand, expanded polystyrene easily get soaked with moisture they deteriorating its R-value. It is for this reason that it is recommended to keep expanded polystyrene free from vapor during usage. Regarding acoustics, polystyrene is quite a poor insulator of sound but the property can be improved by linking it to more rigid materials. An example for this case is linking polystyrene with insulated panels which would improve its acoustic blocking properties. This is an insulation made from thin fibers of glass which are often light-weight as well as cost effective. Fiberglass insulation is often packaged in the form of rock wool which is either 8-foot batts or loose fills. The use of fiberglass for insulation dated back to the 20th century and it became more popular after people lost favor and taste for asbestos due to its risks of causing cancer. Fiberglass is currently used in insulation of modern structures in the construction industry. Unlike polystyrene, fiberglass has excellent acoustic properties. The numerous bound fibers in the insulation are responsible for this property. These bond fibers also trap heat thereby making fiberglass thermally effective as far as regulating heat loss is concerned. Fiberglass neither burns nor absorbs water because it is made of glass(Carey 2012, p. 368). As a result of the increasing environmental concerns in relation to manufacture of insulators, a great percent of newly manufactured fiberglass is made from recycled fiberglass. This improves on the environmental sustainability. Also, observes in fiberglass is the pink color even though fiberglass is not naturally pink. The pink color is an additive by the manufacturer for marketing purposes as a pink and softer fiberglass is preferred by a buyer compared to the light gray or white natural one(Learning 2012, p. 258). Fiberglass is as well used in the creation of products including tent poles, automobile bodies, shower curtains, roofing and boat hulls. By trapping heat between the fiber bonds, fiberglass can keep rooms cool in the summer and warm during winter thus a convenient mechanism for enhancing energy efficiency. Despite the benefits of fiberglass insulator, they also have drawbacks. These include itching, irritation, and rashes that are caused when the particles of fiberglass get into contact with the skin. Still, airborne particles of fiberglass have the ability to be deeply lodged into the lungs and hence believed to causative agents of cancer and other health related complications. It is due to this health hazard that all fiberglass insulators must be labeled with a cancer warning. Fiberglass releases particles into the air upon disturbance(Seville 2012, p. 285). These particles are hazardous when inhaled. In this regard, it is recommendable to dampen a region from which removal of fiberglass is to be done so as not to allow the particles to escape into the air. Also known as mineral wool insulation, rock wool insulation is made of batts which are quite easy to install just like the case of fiberglass wool. The difference between rock wool insulation and fiberglass insulation is that for rock wool insulation instead of fibers of glass it is made of rocks. The process of manufacture involves heating of natural rock to a temperature of about 3000?C at which it melts. The molten rock which is in the form of magma is subjected to a very high-pressure jet of either steam or air. After this, it is spun a super high speed to form strands of fiber(Elpel 2010, p. 192). The fiber strands are then captured and compressed into dense, thick mats which are thereafter cut and trimmed into batts of insulation of convenient sizes. The final product has unique and high qualities among them; Fire resistant and non-combustible Excellent acoustic blocking properties Up to 75% of composition is recycled Manufactured from sustainable natural material Better insulator than fiberglass Not easily degrading hence durability and long-term performance No stapling needed Prevents molding and mildew as it permits the escape of moisture Rock wool insulation is applied in the insulation of such materials as attics, floors, walls, crawlspaces as well as ceilings. Rock wool fiber is however found to excellent insulators for rooms aligned to the northern side of a house and for spaces that require maximum sound deadening. The thermal conductivity performance of an insulation material is a factor moisture content, density of the material, porosity and mean difference in temperature(Bingham 2009, p. 169). The thermal conductivity of polystyrene has the highest thermal conductivity of up to 5.5 per inch followed by fiberglass at R-3.8 per inch and lastly rock wool at R-2.8 per inch of thickness. These values indicate that polystyrene is the densest of the three insulation materials and rock wool the least dense. When the temperature of the insulation materials is increased, the thermal conductivities also change and the degree of change is depending on the density. The higher the density of the material, the lower the sensitivity to changes in the thermal conductivity. In this regard, polystyrene which has the highest density (49.3kgm-3) shows the least sensitivity to temperature changes while rock wool exhibits the greatest deviations(Bennett 2009, p. 87). References Bennett, FL 2009, Construction in Cold Regions: A Guide for Planners, Engineers, Contractors, and Managers, 3rd edn, John Wiley Sons, Manchester. Bingham, PA 2009, Fiberglass and Glass Technology: Energy-Friendly Compositions and Applications, 3rd edn, Springer Science Business Media, Yugoslavia. Carey, M 2012, Home Maintenance For Dummies, 2nd edn, John Wiley Sons, New York. Elpel, TJ 2010, Living Homes: Integrated Design Construction, 3rd edn, HOPS Press, Virginia. Harley, B 2002, Insulate and Weatherize: Expert Advice from Start to Finish, 3rd edn, Taunton Press, Kansas. Learning, C 2012, Green Building: Principles and Practices in Residential Construction, 4th edn, Cengage Learning, Red Deer. McElroy, DL 2005, Insulation Materials, Testing, and Applications, 4th edn, ASTM International, Longmont. Seville, C 2012, Green Building: Principles and Practices in Residential Construction, 5th edn, Cengage Learning, London.

Student Business and Milton Friedman Essay Example

Student: Business and Milton Friedman Essay This is a research of analyzing the statement of Milton Friedman, which was posted on the New York Time in 1970. Following his idea we can see that the business need to do the best to increase its profit which he called that is social responsibility. However the changing of the world has denied his idea of social responsibility of a business by figure out the demand from consumer or shareholder, high pressure of the globalization to business. All of that factors has change the culture and the vision of business in the last decade. In the other hand, Milton Friedman had a forever right idea which is a business must â€Å"stays within the â€Å"rules of the game†Ã¢â‚¬ . Although his idea of social responsibility has been denied, the idea of a business must follow the rules and regulation will have been right. I. Introduction â€Å"There is one and only one social responsibility of business – to use its resources and engage in activities design to increase its profits so long as it stays within the rules of the game†¦Ã¢â‚¬  (Milton Friedman, 1970) According to the statement of Milton Friedman at the time of 1970, his vision of business is about the using the resources of the company in activities to design to increase its profit as long as possible. Milton Friedman has described business as a game that has the rules that every businesses must follow to survive and to win the game. We will write a custom essay sample on Student: Business and Milton Friedman specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Student: Business and Milton Friedman specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Student: Business and Milton Friedman specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Base on the statement of Milton Friedman we can recognize the significant factor of a business to be run smoothly and strongly is not only engage in increasing its profit but also follow the rules which considered as laws or legislation of the market that it taken in. In the other point of view, the game in the statement of Milton Friedman can be seen as the area or the countries that a business is joining which each of the area or country has its own rules. There for, business must â€Å"stay within the rule of the game†. II. From a perspective accounting, what are the â€Å"rules of game† that businesses must follow? From a perspective accounting, the rules of game that business must follow are the three level of accounting which are rules of Company legislation, Accounting standard and Stock exchange which apply to accounting entities. 1. Company legislation Company legislation applies to all companies, although public companies have more stringent rules than private companies. Specifically companies are required to present to share holders at an annual general meeting audited statements which comply with accounting standard. There are some company legislations, which are created by Australia Accounting Standard Board (AASB). For instant: First-time Adoption Of Australian Accounting Standards (AASB 1): This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013. Early application is permitted. It incorporates relevant amendments made up to and including 18 December 2012. Prepared on 29 April 2013 by the staff of the Australian Accounting Standards Board. The objective of this Standard is to ensure that an entity’s first Australian-Accounting-Standards financial statements, and its interim financial reports for path of the period covered by those financial statements, contain high quality information that: a) is transparent for users and comparable over all periods presented; b) provides a suitable starting point for accounting in accordance with Australian Accounting Standards; and c) can be generated at a cost that does not exceed the benefits. (Source from Australian Accounting Standards Board 2013) . Accounting standard Accounting standard are the accounting rules that accounting entity need to follow in reporting the financial statement. Accounting standard concerns with how assets and liabilities should be measureed in identified in the statements. Traditionally each country develop it own standard. In Australia, every business entity need to follow the Australia accounting standard which is set by Austrailia Accounting S tandard Board (AASB). Here are the two accounting standard set by AASB: Statement of Cash Flows (AASB 107) This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013 for for-profit entities. It takes into account amendments up to and including 18 December 2012 and was prepared on 10 May 2013 by the staff of the Australian Accounting Standards Board (AASB). Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability of the entity to generate cash and cash equivalents and the needs of the entity to utilize those cash flows. The economic decisions that are taken by users require an evaluation of the ability of an entity to generate cash and cash equivalents and the timing and certainty of their generation. The objective of this Standard is to require the provision of information about the historical changes in cash and cash equivalents of an entity by means of a statement of cash flows which classifies cash flows during the period from operating, investing and financing activities. (Source from Australia Accounting Standard Board 2013) Property, Plant and Equipment This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013. It takes into account amendments up to and including 10 September 2012 and was prepared on 10 May 2013 by the staff of the Australian Accounting Standards Board (AASB). The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity’s investment in its property, plant and equipment and the changes in such investment. The principal issues in accounting for property, plant and equipment are the recognition of the assets, the determination of their carrying amounts and the depreciation charges and impairment losses to be recognised in relation to them. (Source from Australia Accounting Standard 2013) 3. Stock exchange A  stock exchange  is a form of  exchange  which provides services for  stock brokers  and  traders  to trade  stocks,  bonds, and other  securities. Companies, which are listed on a stock exchange market must comply with the stockexchange financial disclosure requirement. These companies need to follow the rules and regulations of trading in stock exchange which are forced by the government. This is an example for rules of stock exchange which are set by AASB. Fair Value Measurement This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013. It takes into account amendments up to and including 18 December 2012 and was prepared on 10 May 2013 by the staff of the Australian Accounting Standards Board (AASB). This Standard: (a) defines fair value; (b) sets out in a single Standard a framework for measuring fair value; and (c) requires disclosures about fair value measurements. 2 Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same – to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions (ie an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability). 3 When a price for an identical asset or liability is not observable, an entity measures fair value using another valuation technique that maximises the use of relevant observable inputs and minimises the use of unobservable inputs. Because fair value is a market-based measurement, it is measured using the assumptions that market. (Source from Austrailia Accounting Standard Board 2013) Therefore, in an accounting perspective, the â€Å"rules of the game† that businesses must follow are the rules and regulation in three levels of acting. Those rules and regulations are the standards that all business must go behind to ensure their business is going within the circle of businesses rules. In the other hand businesses need to have ability to keep update on legislative and regulatory matters and changes, and determine the effects on business performance, mangement planning and decision-making. III. In the current environment, is Milton Friedman’s statement as relevant in 2013 as it may have been in 1970? â€Å"There is one and only one social responsibility of business – to use its resources engage in activities designed to increase its profit so long as it stays within the â€Å"rules of the game † (Milton Friedman, 1970) This is the statement of Milton Friedman which was posted on New Times Magazine, 1970. This famous statement has became the debated and conflicted topic until now. Carefully reading this statement, we see the two points of a business need to consider from Milton Friedman. Firstly,we will analyze the statrment of â€Å" one and only one social resposibility of business – to use its resources to engage in activities designed to increase profit † what we can directly understand of this statement is about the significance of the profit to a business due to its social responsibility. Milton Friedman asserted that â€Å"one and only one social responsibility† of a business is to increase its profit. We can deny that in business, a company need to get the profits to support for its survival and development. Yes, profit is the blood of the company however in modern business this idea is not so true at all. Nowadays, people is thinking more and more about the â€Å"social responsibility† of a business which is not as simply as it was in 20th decade which business’s social responsibility is to increase profit. In another point of view, business is presently facing an uncertain competitive environment with multiple demands and pressures from customers and numerous stakeholders. In modern business, people are now more concerned about ethics business, environmental responsibility and community responsibility which are changing due to the demands and need of consumers as well as the globalization. Ethics business concern about serious and high-profile breaches of corporate ethics resulting in damage to employees, shareholders, communities, and the environment—as well as share price—have contributed to elevated public mistrust of corporations. Therefore, demand for companies that are ethically governed is up. Sometime, people think that businesses, need to have obligation to contribute to community, society become increasingly expect business to have obligation to the society that it is located, the obligation to its employees and customers that it serves. Environmental responsibility is the obligation of a business need to have to the environment. For example of Exxon in 1989, in an accident of oil spill Exxon come into a depress situation of decreasing in sale volume. Therefore, Exxon needed to take responsibility to fix their mistake to recover after the scandal. In this point of view, a business MUST have the responsibility to environment that they take their business in. Environment responsibility nowadays is becoming a serious problem that people most pay attention which is considered as a significant obligation of the social responsibility. Community responsibility of a business came into people’s mind as the ethics and morality in business. The community responsibility is relevant to the human-being treatments which the behaviors of employers to employees is also a consideration. China, the paradise of labors which is now the biggest factory in the world. In some times, Chinese labors face to very bad employers who give them terrible working condition and poisonous working environment without any protect equipment and end of the month they just give them a small amount of salary in some companies they not even give money to the workers in 3 or 6 months. Therefore, businesses are now facing with many responsibilities that they to assume. Consequently, social responsibility is raising many arguments and debates in worldwide. What business do, they should thinking about their responsibility wisely. Because in the modern economy environment, the definition of social responsibility is not as correct as Milton Friedman said â€Å"†¦one and only one social responsibility of business – to uses its resources engages in activities design to increase its profit†¦Ã¢â‚¬  the demands of shareholder and pressures from consumer and the globalization has taken business into a higher social responsibility that they should follow. The other idea that we need to look at Milton Friedman’s statement is the â€Å"rule of the game†. Milton Friedman has described business as a game which has the rules that every businesses must follow for its survival and victory of the game. Base on the statement of Milton Friedman we can recognize the significant factor of a business to be run smoothly and strongly is not only engage in increasing its profit but also follow the rules which considered as laws or legislation of the market that it taken in. In the other point of view, the game in the statement of Milton Friedman can be seen as the area or the countries that a business is joining which each of the area or country has its own rules. There for, business must â€Å"stay within the rule of the game†. The world is now gradually getting acquainted to globalization. Globalization is now changing the way of business in over the world. But there are some barriers that international business need to put their mind on is the rules and the regulations are different among countries. Even the material fish in Vietnam is very low but they must follow the rules of USA to increase the selling price when Vietnamese fish come into their market. They are the rules and regulation that business have to research and must follow in a market/country, especially with the international businesses. In my opinion, due to the statement of Milton Friedman business must â€Å"stays within the â€Å"rules of the game†¦Ã¢â‚¬  has been a extremely correct idea until now. Businesses – they need to know and must obey the regulation in any way to survive in the economy. According to Friedman statement we can see that the world may change for some situations but following and complying the rules and regulation to survive had been never wrong. Basically, human community are living in the rules of nature as well as businesses survive in the â€Å"rules of the game†. IV. Conclusion To cut a long story short, there are two main ideas of Milton Friedman in his statement that we need to think about. Firstly, meaning of the first part of this statement is to emphasize the social responsibility of a business. It is clearly that the modern economy requires the business to have more social responsibility on what it does to make and increase it profit. The demand and high pressure of globalization on business enquire the adoption to have more obligation and duty to society such as environment, community or even thinking about ethic business. Moreover, business is now moving to the trend of humanity in which people believe that a good business should keep going on having good social responsibility beside its first target of increasing its profit. Secondly, this statement gives us a wonderful vision of Milton Fried about doing business and in my opinion, it will be never change until there is no business exist on earth. Because of the differentiation of geography, cultural and economic factors there always many rules of business in different market that they join in. Therefore, businesses need to research and follow the rules and regulation of the market or the country that enter. In addition, Milton Friedman has described the market/country as a game which has its own â€Å"rules of game† for the players who is the business. In the other hand, the modern economy asks business to keep â€Å"up to date† on legislative and regulatory matters and changes, and determine their effects on business performance, management planning and decision-making. Whatever the business do is just for the final goal which is to increase its rofit but forever and never a business can be success without staying within the â€Å"rules of the game†.

Difference Between Natural and Artificial Flavors

Difference Between Natural and Artificial Flavors If you read the labels on food, youll see the words natural flavoring or artificial flavoring.. Natural flavoring must be good, while artificial flavoring is bad, right? Not so fast! Lets take a look at what natural and artificial really mean. There are two ways to look at natural and artificial flavors. First, there is the formal definition of an artificial flavoring, as defined by the Code of Federal Regulations: ... a natural flavor is the essential oil, oleoresin, essence or extractive, protein hydrolysate, distillate, or any product of roasting, heating or enzymolysis, which contains the flavoring constituents derived from a spice, fruit or fruit juice, vegetable or vegetable juice, edible yeast, herb, bark, bud, root, leaf or similar plant material, meat, seafood, poultry, eggs, dairy products, or fermentation products thereof, whose significant function in food is flavoring rather than nutritional. Anything else is considered artificial. That covers a lot of ground. In practice, most natural and artificial flavors are exactly the same chemical compounds, differing only by their source. Both natural and artificial chemicals are processed in a lab to ensure purity. Safety of Natural Versus Artificial Flavors Is natural better or safer than artificial? Not necessarily. For example, diacetyl is the chemical in butter that makes it taste buttery. Its added to some microwave popcorn to make it butter-flavored and is listed on the label as an artificial flavoring. Whether the flavor comes from real butter or is made in a lab, when you heat diacetyl in a microwave oven, the volatile chemical enters the air, where you can breathe it into your lungs. Regardless of the source, this can cause health problems. In some cases, natural flavor might be more dangerous than artificial flavoring. For example, natural flavor extracted from almonds can contain toxic cyanide. The artificial flavor has the taste, without the risk of contamination by the undesirable chemical. Can You Taste the Difference? In other cases, you can taste a world of difference between natural and artificial flavors. When a single chemical (artificial flavoring) is used to mimic a whole food, flavor is affected. For example, you can probably taste the difference between blueberry muffins made with real blueberries versus muffins made with artificial blueberry flavor or real strawberry ice cream versus artificially flavored strawberry ice cream. A key molecule might be present, but the true flavor may be more complex. In other cases, the artificial flavor might not capture the essence of the flavor you expect. Grape flavoring is a classic example here. Artificial grape flavor tastes nothing like grapes you eat, but the reason is that that molecule comes from Concord grapes, not table grapes, so its not the taste most people are used to eating. Its worth noting a natural flavor must be labeled as an artificial flavor, even if it comes from natural sources if it is added to a product to impart a flavor that isnt already present. So, if you add blueberry flavor, from real blueberries to a raspberry pie, the blueberry would be an artificial flavoring. The Bottom Line The take-home message here is that both natural and artificial flavors are highly processed in a lab. Pure flavors are chemically indistinguishable, where you would not be able to tell them apart. Natural and artificial flavors diverge when artificial flavors are used to try to simulate complex natural flavors rather than one single chemical compound. Natural or artificial flavors may be safe or dangerous, on a case by case basis. The complex chemicals, both healthful and harmful, are missing from any purified flavoring compared with the whole food.

Republican Women in the US Senate 2017â€2019

Republican Women in the US Senate 2017–2019 Five women represent Republicans as senators in the 115th Congress, running from 2017 through 2019. The number is one fewer than for the previous Congress as New Hampshires Kelly Ayotte lost re-election by only about 1,000 votes. Alaska: Lisa Murkowski First Elected: 2004 (Appointed in 2002 to fill a vacancy)Next Election: 2022 Lisa Murkowski is a moderate Republican from Alaska with a roller-coaster history. In 2002, she was appointed to the seat by her father, Frank Murkowski, who vacated it after being elected Governor. This move was viewed unfavorably by the public and she barely won her first full term in 2004. She won the seat by just 3 points on the same day George W. Bush won the state by more than 25 points. After Sarah Palin routed her father in the 2006 Gubernatorial primary, Palin and conservatives backed Joe Miller in 2010. Though Miller beat Murkowski in the primary, she launched a surprisingly successful write-in campaign and ended up winning a close three-way race. Iowa: Joni Ernst First Elected: 2014Next Election: 2020 Joni Ernst. Getty Images   Joni Ernst was the surprise candidate of the 2014 election cycle as she handily won the US Senate seat vacated by long-serving Democrat Tom Harkin. Democrat Bruce Braley was supposed to be the easy winner, but Ernst played to her Iowa roots and got off to a fast start after running a television spot comparing the castration of pigs to cutting pork in Washington. Ernst is a lieutenant colonel in the Iowa National Guard and had served in the Iowa State Senate since 2011. She won her US Senate seat in 2014 by 8.5 points. Maine: Susan Collins First Elected: 1996Next Election: 2020 Susan Collins is a moderate Republican from the Northeast, one of the few remaining as liberal Democrats have steadily increased their hold in the region. She is socially liberal and center-right on economic issues and she was a strong advocate for small businesses prior to her career in the US Senate. Collins is easily the most popular figure in the state and has seen her vote share increase in every election since 1996 when she won with just 49 percent of the vote. In 2002, she won with 58 percent of the vote, followed by 62 percent in 2012, then 68 percent in 2014. In 2020, she will be 67 years old and Republicans hope she stays around a bit longer. Nebraska: Deb Fischer First Elected: 2012Next Election: 2018 Deb Fischer represented one of the few highlights in the 2012 election for both conservatives and the Republican Party. She was not expected to be a contender in the GOP primary and was heavily outspent by two higher-profile Republicans in the state. Near the end of the primary campaign, Fischer received the endorsement of Sarah Palin and subsequently surged in the polls, landing a surprise win in the primary. Democrats saw this as an opening for former US Senator Bob Kerrey, who held the seat as recently until 2001. But it wasnt meant to be for the Democrats, and she defeated him in the general election by a landslide. Fischer is a rancher by trade and served in the state legislature since 2004. Senators Deb Fischer (lower center) and Shelley Moore Capito (above) celebrate passing the Tax Cuts and Jobs Act. Getty Images West Virginia: Shelley Moore Capito First Elected: 2014Next Election: 2020 Shelley Moore Capito served seven terms in the US House of Representatives before deciding on a run for the US Senate. At the time, five-term Democratic incumbent Jay Rockefeller had not yet announced his plans. He opted for retirement rather than face the first real challenge of his career in more than two decades. Capito easily won both the Republican primary and the general election, becoming the first woman elected to the US Senate in West Virginia history. She also won a Senate seat for the GOP for the first time since the 1950s. Capito is a moderate Republican, but a solid upgrade from the 50-plus year drought for conservatives in the state.

ITM501 MoD 2 Case Assign Essay Example | Topics and Well Written Essays - 1250 words

ITM501 MoD 2 Case Assign - Essay Example Thus they opted for a pilot program via the U.S. Centers for Medicare & Medicaid Services (CMS) which demonstrated 32 quality based parameters and the firm applied SAP Business Objects solutions to keep an eye on those parameters to improve the level of performance (Konitzer & Cummens, 2011). Next come the case of Exclusive Resorts, LLC which is the world’s biggest luxury destination resort with over 350 Sophisticated and discerning private dwellings around the globe. The resort serves almost a number of 3300 members and enjoys a continuous entry of new members. The company runs on a large scale with quality services and positive member responses. It also operates on the domain of managing and developing real estate projects and hence requires complicated financial management system and reporting approach throughout its worldwide branches where the properties are located. During the early days of the firm’s operations, the company preferred the implementation of Oracle software as its enterprise resource planning (ERP) solution. However with increasing growth and development, the company found the software to be unmanageable and complex for its multifaceted business needs. The firm decided to search for a further ERP solution which would be able to incorporate with the technologies easily and would assist the firm to improve its quality of services as well as its competitiveness paving the path for membership growth (Microsoft Inc., 2011). Thus we can learn from both the cases that in the recent days, technologies are becoming more upgraded while the business operations are getting more complex. Therefore a constant change is noticeable within the functioning of these firms which strives for excellent business services so that they can efficiently serve their customers. Therefore need for business intelligence to face the competitive environment and effectively cut the cost has become a significant part of every business. Business Intelligence can be defined as the tools, technologies and processes require for converting data into information, information into knowledge and knowledge into plans that drive profitable business action (Loshin, 2012, p.7). Conclusions drawn Business intelligence is the process of gathering large quantity of data, assessing the data and offering a high end report set that compress the fundamental nature of the data into the foundation of the business activities, making the management able to make basic decisions related to the business. It is the approach of getting the right access to the right information for making the right decision at the right time. (Stackowiak et al., 2007, p.3). It is the capacity of the business to extract performance based knowledge from the organization and market to support an improved decision making process as well as to excel their performance (Electro smart Ltd., 2011). The business intelligence system can be achieved with the implementation of various idea proces sing systems. Idea processing systems are regarded to be associated with the decision support system (Thierauf, 2001, p.95). In this context it is significant to discuss the importance of a decision support system. DSS is one of the significant technology solutions to the business sector which offers them a means of converting a rich source of

Innovation Assignment Example | Topics and Well Written Essays - 1500 words

Innovation - Assignment Example Consequently, innovation was a prerogative of commercial organizations that used their employee talent to bring out new products and ideas that they could market for profit (Pearce, 2012). In this document, a review of the literature on open innovation is presented followed by experience of the author of this paper, who participated in a project at openIDEO, an open innovation platform. The term Open Innovation was first introduced by Chesbrough who indicated that open innovation "is a paradigm shift in approach of organizations that need to consider external and internal ideas along with external and internal path to develop a collaborative approach and advance knowledge in the field by introducing practical and innovative approaches to problem solving" (Chesbrough, 2003, p. 17). Open innovation creates a mutually beneficial relationship since both the firm that sponsors open innovation projects and individuals or smaller firms that participate, gain through generation of designs, and present ideas that meet the requirements (Chesbrough, and Eichenholz, 2013). Open innovation is different from outsourcing where existing products are given out on contractual manufacturing and vendors must produce the components as per specifications (Terwiesch, 2008). In open innovation forum, the administrator presents a problem and participants must offer their answers. A diversi ty of opinions is needed and the firm may examine several alternatives from among the solutions offered, pick up an idea that appears most suitable, and place the selected idea for refinement (Levine and Prietula, 2013). While open innovation is a good concept, certain problems are apparent. Some of the main problems are legal issues and the lack of privacy and confidentiality in the forum. Another problem is that requirements for the project and details of the selected design are available for even rival firms.

Air Pollution Essay Example for Free

Air Pollution Essay Air pollution caused by vehicles has been identified as the largest contributor to air pollution in the world. Air pollution caused by vehicles is when the burning of fossil fuels to power our vehicles gives off CO2 emission. This pollution by vehicles also produces toxic substances such as sulfur dioxide and carbon which can be fatal to humans. Air pollution also comes from industry as this source of pollution spews particulate matter and chemicals into the atmosphere. The output from factories includes sulfur dioxide, nitrogen dioxide, carbon monoxide and dioxide. Almost all of Earth’s atmosphere or ecosystem has been altered by the long-term effects of pollution by industries. Power plants are also another reason to blame for air pollution. They spread gases that thickens the atmosphere, causing the heat to be blocked from exiting to space. The gases are heavy, and comes down to the ground causing pollution One of the power plants that gives out the most pollution is the power plant that is fired by coal. Coal burning is a leading cause of smog, acid rain, and toxic air pollution. Not only that, it also causes the greenhouse effect and holes in the ozone layer. Health Effects Air pollution can affect our health in many ways with both short-term and long-term effects. Some individuals are much more sensitive to pollutants than are others. Young children and elderly people often suffer more from the effects of air pollution. Examples of short-term effects include irritation to the eyes, nose and throat, and upper respiratory infections such as bronchitis and pneumonia. Other symptoms can include headaches, nausea, and allergic reactions. Short-term air pollution can aggravate the medical conditions of individuals with asthma and emphysema. Long-term health effects can include chronic respiratory disease, lung cancer, heart disease, and even damage to the brain, nerves, liver, or kidneys. Continual exposure to air pollution affects the lungs of growing children and may aggravate or complicate medical conditions in the elderly. Air pollution also effects the human cardiovascular system as the inhalation of air pollutants eventually leads to their absorption into the bloodstream and transport to the heart. Some pollutants may also directly cause functional alterations that affect the rhythmicity and contractility of the heart. Causes of water pollution. Factories play a major role in pollution the water. Wastes from factories include toxins, such as lead, mercury and other contaminants. These chemicals are very harmful and can lead to serious health hazards. Fertilizers and pesticides used in agricultural farms, homeowners lawns and roadsides are a threat to the natural water source. When the pollutants runoff into local streams or rivers or drained down into groundwater, they contaminate the water completely. Mining is also another reason for water pollution. Heavy metals and sulphur components which are buried in the earth are exposed during mining and during rainfall these toxic chemicals are exposed, which results in acid rain.

Faith in Kierkegaards Breaking the Waves Essay -- Kierkegaard Breakin

Faith in Kierkegaard's Breaking the Waves In Soren Kierkegaard's Fear and Trembling, he discusses the "Three Movements to Faith." For Kierkegaard, faith of any kind involves a paradox. This paradox, as well as Kierkegaard's suggested path to faith, is illustrated by the main characters of Breaking the Waves, Bess and Jan. Kierkegaard explains there are steps one can take towards faith; however, they are so difficult he believes only one person, the "Knight of Faith," has completed the movements. The first step is for one to make her/his wish the complete focus of her/his concentration. This finite desire must dominate one's consciousness, and must be the only wish she/he hopes for. Although the desire may seem impossible, it becomes possible when expressed spiritually. Kierkegaard calls the second movement the "infinite resignation": this involves the person acknowledging the impossibility of her/his wish. By resigning the finite desire, says Kierkegaard, the wish is bent inward. With this, the wish becomes religious, and thus not finite, but infinite. The third step involves...

Globalisation of Indian Economy Essay

Economic Reforms in India UNIT 27 GLOBALISATION OF INDIAN ECONOMY Structure 27.0 27.1 27.2 27.3 27.4 27.5 27.6 27.7 27.8 27.9 27.10 27.11 27.12 Objectives Introduction Globalisation and Economy Benefits of Globalisation Globalisation and Indian Industries Policy Changes Since 1991 Globalisation of Financial Markets Problems of Globalisation Efforts Required for Globalisation Let Us Sum Up Key Words Some Useful Books Answers/Hints to Check Your Progress Exercises 27.0 OBJECTIVES As you go through this unit, you will come to understand and appreciate the implications involved in globalisation of Indian economy. This unit is expected to help you answer the following: l l l l l l Is globalisation a reality and has India been able to adopt this; Examine the implications involved in the process of globalisation; Analyse the impact of globalisation on Indian economy; How do different sectors prepare to face the challenge of globalisation; What policy measures need to be followed for globalisation of Indian economy; and What conditions are required to have the best possible results? 27.1 INTRODUCTION In recent years there is no special phenomenon that attracts more attention in mass media and in the scientific public than globalisation. For nearly a decade the nation’s preoccupation has been with economic reforms. The enthusiasm and the excitement over ‘deregulation’, ‘liberalisation’ and ‘globalisation’ remain undiminished since the time the three buzzwords entered the scene. These terms are frequently used in any general discussion.The common person seldom understands the exact import of these terms but (s) he knows that they imply radical changes in life. The literate population surmises that liberalisation indicates a reduction of rigors in laws and procedures to permit more efficient conduct of business while globalisation stands for removal of protective barriers against free flow of trade, technology and investments among countries. It is also recognised  that the insularity and sheltered culture of industry and trade have to give place to a competitive environment, which would demand basic adjustments by the population, be they manufacturers, traders, workers or consumers. How this change is to be managed with the least pain and with maximum benefit is the major concern. There have been innumerable seminars and workshops on the three related terms in general and globalisation in particular. However, the ideas and the basic vision behind the dominant policy choices made since 1991 have not been 28 explained in simple terms by those professing to understand the policy choices. Policy makers and seminar speakers often assume that the objectives of globalization are understood by all. They, therefore, dwell on the ways and means to achieve globalization. Globalisation of Indian Economy 27.2 GLOBALISATION AND ECONOMY Globalisation has some very clear features (K.L. Chugh, 1992). Globalisation puts an emphasis on consumer concern and encourages competition. It is co-operative venture, where organisations and people complement and supplement each other in the service of the consumer. It is for this reason, that one now sees the international trend to source raw material from one country, process it in another country and then market it worldwide. As a result, globalisation helps to synergies the roles of each country. Globalisation leads to quality assurance and it is as a guarantee of their quality that manufacturers brand their products. It means a borderless world where there is a free exchange of money, ideas and expertise, fostering partnerships and alliances to serve the consumer best. Globalisation relies on the quality of people. No initiatives, no innovation, no solutions are possible without outstanding people. The quality and training of people, their vision and their commitment, is the very foundation of globalisation. Globalisation is the reversal of business from a macro to a micro point of view. What matters is the contact and collaboration between individuals and  firms in various countries. Globalisation is complete decentralization of location. It will internationalise human resources and remove geographical boundaries. The policy of globalisation emphasises that export sector should form an important ingredient of the national macro-economic aggregates. When exports form an important economic aggregate, the industrial growth to a substantial extent becomes dependent upon the export sector. When industrial production is attached to the export sector, indirectly the other sectors of the economy specially banking and services sector are also integrated with the export sector. Finally, since exports are dependent on the GDP growth of the major trading partners, the domestic economy c annot grow at a rate much different from that in the world economies. 27.3 BENEFITS OF GLOBALISATION What are the benefits of globalisation? Some of the benefits are as follows: i) Improved resource allocation due to the presence of a competitive environment ii) Exposure to international economies would lead to the availability of better technology, inputs and intermediate goods iii) Transfer of know-how and economies of scale Thus, globalisation implies a regime of perfectly competitive markets with no entry or exist barriers. However, the onset of such an environment is not without fulfillment of certain preconditions on the part of the corporates – global vision and global capability. Global vision implies that the corporate should have the ability to analyse the dynamic competitive environment and should be able to develop superior strategies in a way, which is relevant to the new global opportunities, i.e., should have the vision of analysis and leadership.Global capability attributes, on the other hand, are reflected in the ability to amass and deploy productive human, technological and financial resources at the right time and at the right place. 27.4 GLOBALISATION AND INDIAN INDUSTRIES The road to globalised markets has only fast tracks. There is no lane earmarked 29 Economic Reforms in India for leisurely traffic. This is a primary factor to be understood. When the country opens up its markets and invites new investors and new technologies from abroad, proven suppliers can come in with their quality goods, technologies and services at competitive prices. There is thus an anxiety that globalisation would become a one-way traffic, with imports flooding the local market, and throwing the indigenous industry and workers into misery. However, given the fact that Indian industries have absorbed modern technologies and some quality standards over the past five decades, they have the requisite strength and resilience to face the immediate challenges of globalisation. What is needed is strategic planning to fully tap the existing strengths and meet the initial pressures. In any case, the question today is not whether globalisation is inevitable, but how to tailor the method to fit each business when it embarks on globalization. One must turn the spotlight on the information imper atives for global competitiveness. Indian industry and business need to be on top of the corpus of information on a whole range of subjects such as product preferences, technology choices, price trends, rivals’ strengths and weaknesses, and investment sources. Without such mastery, no business enterprise can successfully aspire to a razorsharp competitive edge, which alone can assure it a recognizable market presence, let alone an unshakable market dominance. Inevitably, companies have to spruce up all aspects of operations, in terms of technology and design, material procurement, manufacturing processes, quality levels, finance techniques and dynamics of marketing for export promotion taking fair advantage of the liberalised environment provided by the government. Effective managerial information and control systems are essential for improving in house efficiencies and for quick assessment of the external market opportunities. Timely decisions and responses from delivery dates, assured quality norms, pro-customer policies and above all, a goal orientation, are needed to succeed in global pursuits. Productivity has to improve in all areas of management and the entire work force should wake up to the new realities through meaningful counsel ling and HRD techniques. A new sense of urgency to scale higher targets needs to be created in each employee and executive. Reduction in prices based on cost  control and waste elimination could bring in more orders and larger profits on enhanced turnovers. This is how countries like Japan emerged world market leaders. Competition has been the driving force for progress. A thorough reshaping of attitudes and redesign of work methods is imperative to bring in a totally new culture of activity and achievement. Each manager and supervisor has to lead by example, rather than by precepts, to prove that every new target can be achieved. Recognitions and rewards for meritorious performance in all cadres should serve as an incentive for better productivity. Policies of trade and investment liberalisation have a crucial role to play in providing an outward orientation, which will impose external audit on the domestic cost structure. Marketing strategies will have to be evolved which should take account of the global economic restructuring that is going on in the world today. Marketing strategies suited to every target country relative to its tradition and culture should be evolved and modified from time to time for achieving results. Flexibility and effective local liaison should form the core of the strategies. It is in this context the following three points are important: i) Making India the premier production centre of the world. In several sectors, particularly in agro-based industries, India has the skills and the investments, which make it the lowest cost producer in the world. These investments can easily obtain a share of the world market and all that is required is to develop alliances with partners overseas and support it with a national policy for each sector. 30 ii) Indian corporations to go into world markets and to become India’s â€Å"multi-nationals abroad, with markets, and later, production centres spread across the globe. Here again, India has a natural advantage in certain sectors such as the knowledge-led services and wide range of agricultural, industrial and fashion products. iii) Attracting foreign investments to make India their home base for their world markets. India has amongst the world’s largest trained manpower, including farmer and scientists, engineers and professionals, entrepreneurs and skilled workers. The cost of people is much lower in India than in the developed world and provides a significant competitive advantage to India. The introduction of full convertibility of  rupee on current account will greatly accelerate not just foreign investments in India, but also the export-import trade. If India succeeds in attracting foreign investment, particularly in the area of infrastructure, then it would be possible for the government to re-invest into the rural sector. This will have its own beneficial impact on the total economy, as India’s prosperity is entirely dependent on the rural, farm economy. This will help to usher in a second green revolution in the country. To successfully participate in the world economy, India needs to build strategic alliances – not just between trading blocks, but between corporations; and not just between foreign partners and India but partnership within Indian industry itself. Check Your Progress 1 1) What do you mean by globalisation? †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2) What is the implication of globalisation for an economy? †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3) Highlight the implications of globalization for Indian industry? †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Globalisation of Indian Economy 27.5 POLICY CHANGES SINCE JULY 1991 Globalisation presupposes two things — political will at the macro level which is reflected in various policies pursued by the government and corporate will at the micro level which is established by the existence of a global vision and capability. The government has moulded its policies. In this regard, one can take a look at the following policy changes: 31 Economic Reforms in India i) A two stage devaluation of the rupee by about twenty percent in July, 1991 in an attempt to align the exchange rates with the world exchange rates and provide additional incentives to the exporters to offset some of the disincentives arising out of the import barriers. ii) Introduction of a system of partial convertibility of the rupee under the liberalised exchange rate management system (LERMS) and then allowing full convertibility of rupee on current account. iii) Foreign direct investment (FDI) has been liberalised and now the foreign investors are allowed to participate upto 51 per cent, 74 per cent, and even 100 per cent of the equity of select industrial sectors. iv) The list of products requiring import license has been pruned which shows that physical controls are given way to fiscal controls (all quantitative restrictions are removed by April 1, 2001) v) Import duties have been reduced. vi) Import of capital goods has been allowed without any specific licence if the payment for the imported capital goods is made out of foreign exchange received for the purpose of equity participation. vii) Decentralization of several items has taken place and those items, which were initially under the purview of government agencies, are now being opened to private companies. viii) Foreign institutional investors (FIIs) are given permission to invest in the Indian capital market. In fact, SEBI has already recognised several FIIs for this purpose and they have started making investments also. ix) Guidelines have  been issued for the floating of Euro issues by the Indian companies. x) A major step towards globalisation has been to amend the Foreign Exchange Regulation Act, 1973 (FERA), which substantially dilutes its regulatory provisions to bring it in line with the new liberalised industrial, trade and exchange rate policies. The Act has removed a large number of restrictions on companies with more than 40 per cent non-resident equity and removed FERA controls on Indian firms setting up joint ventures abroad. The amendment also incorporates into law all the changes, which have so far been made by issue of notification by the RBI or the central government. These changes pertain to facilities extended to FERA companies on the appointment of technical and management advisors, opening of branches, acquisition of immovable property by FERA companies in India, borrowing of money or acceptance of deposits by them etc. Also, in an effort to rationalise the Act, about a dozen sections of FERA, 1973 were deleted as these had lost relevance over time. (As a matter of fact FERA 1973 itself is repealed and in its place a new liberalised legislation has been enacted which is known as â€Å"Foreign Exchange Management Act (FEMA†). xi) Guidelines have been specified for setting up of Indian Joint Ventures Abroad (IJVA), which would enable 90 per cent of the proposals to be covered through the automatic approval route. The main objective here is to liberalize Indian equity investment in joint ventures and wholly owned subsidiaries abroad as well as to simplify the procedures for investment abroad by the Indian parties. xii) Automatic permission is given for foreign technology agreements upto certain ceilings covering the high priority industries. 32 xiii) Foreign technicians can now be hired by Indian companies without prior approval of RBI if certain conditions are met. xiv) The foreign investment promotion board (FIPB) has been instituted to facilitate and promote foreign investment. These measures establish the fact that the government is indeed serious to help the industry globalize. The industry, on its part, is becoming more and more receptive to these structural reforms. The industry has responded by opting for industrial tieup as a threshold to building a global strategic presence. Thus, there is a wave of multinational  corporations (Macs) entering the Indian market and Indian businessmen too are fast setting up shop on the foreign shores. To survive the threat of global competition, Indian companies have no choice other than to restructure their business. The way to tackle this would be to understand the need for change (the way?), the paradigm shift required (the what?), the implementation process (the how?), and prioritisation of the problems awaiting solutions (what is next?). Globalisation of Indian Economy 27.6 GLOBALISATION OF FINANCIAL MARKETS India has been making use of the international financial markets. Exchange rate and interest rate movements now constitute the key variables. The volatility of exchange rates has turned out to be both a proximate cause and effect of capital movements. This in turn has made them autonomous variables not directly related to movements in the real sectors of the economies concerned. Another aspect of the vulnerability results from the quick transmission of impulses generated in one leading market to others. Today, financial markets are global in scope; where the distinction between money and other financial assets is not so clear cut and indeed there is continuum of liquidity; where the line of distinction between financial intermediation by the banking system and other non-bank intermediation is also getting blurred; and as a corollary of this where financial institutions themselves are losing their specialist character. Their wide geographical coverage is matched by wide functional activity against the background of increasingly intense competition.This has meant better opportunities both for the players in the international financial markets and those that transact business with them. Never have the world financial markets been so integrated and offered so wide a variety of services. India is affected by trends in capital movements, exchange rates and interest rates. A more liberal domestic financial sector would be better able to interact with international financial markets. India has only been reacting to events abroad, i.e., India remains ‘events takers’ rather than ‘events makers’, but even so, there is need for providing for a measure of structured rather than ad hoc response to external events. This is also a matter of determining the  rational sequencing pattern of increasing its markets’ linkages with the international markets. A cautious and step-by-step approach in terms of a well thought out framework of such linkages is called for. While Indian financial institutions and business should gradually and in a structured way get into the operations of the international financial markets, globalisation of the Indian financial sector is indispensable if it has to become efficient, vibrant and truly competitive in the years to come. The process of globalisation involves two distinct challenges: (i) technological upgradation through computeriation, and (ii) establishing and forging links with international financial markets. The Indian financial sector has been a late starter in mechanizing and computerising its operations. Regrettably, introduction of new technology is rather slow. What is even worse, the installed hardware does not 33 Economic Reforms in India seem to have been utilised to its full potential. This unfortunate state of affairs must end. The Narasimham Committee has endorsed the view of the Rangarajan Committee on computerisation. At the economic policy level, the issue of forging links with the international financial markets is closely intertwined with interest rate deregulation and convertibility of the Indian rupee. 27.7 PROBLEMS OF GLOBALISATION An outward looking or globalisation policy carries a price, as it demands certain constraints on the formulation of national policies. These constraints are: i) The international economic environment has qualitatively changed. When the industrialised countries are subjected to economic fluctuations, the dependent developing countries will have to bear these economic shocks. ii) There is a relationship on the one hand between investment made for exportoutput and income generated via the multiplier, and on the other hand  between income generated and imports via propensity to import. This problem stems from the fact that income multiplier effect in a developing economy is higher than in a developed economy due to a higher marginal propensity to consume. Consequently, demand generated is also relatively higher in the developing economies than in the developed economies. This rise in demand, under certain given conditions, will push up the domestic price level and if marginal propensity to import does not recede, it will further lead to higher imports to the extent that proportionate rise in imports may exceed proportionate rise in exports and thus the trade balance is shaken. iii) The formation of a trade block in North America that has given rise to free trade between the US and Canada has created a new situation. With this, cartel like conditions will prevail on the demand side in these markets whereas competition amongst the suppliers, intra-country and inter-country, will continue. It is in these changed market conditions that India has to adjust itself. Thus, not to speak of pushing up its share, even survival will prove a gigantic task for India. In view of this, a better course for India will be not to rely too much on an export-led growth under the existing world scenario. In this market oriented world there is no godfather who may come to India’s rescue without asking for its pound for flesh.Globalisation is perhaps irreversible. Success comes to those who learn to live dangerously. At best one can moderate the pace of globalisation. But globaliation is a conditional boon. One must put one’s own house in order or at least mismanage it much less to get the boon working. India’s options are limited. One of them is to let the rupee fall freely. If the rupee depreciates, then the expectations of capping prices through imports would also be punctured. The existing framework of global governance is weak, ad hoc and unpredictable, with international economic decision-making dispersed over numerous institutions, which are mostly dominated by the rich countries. Continued inhospitable international economic environment will frustrate the developing countries’ determined efforts to end stagnation through liberalisation, market-oriented reforms and outward-looking policies. Denial of access to markets, debt burden, inequities in global monetary, financial and trade systems, barriers to transfer of technology, dwindling flows of concessional resources, reluctance of foreign direct investment to flow to developing countries are  making quantum jump from stagnation to sustained growth almost impossible. 34 Domestically, there are several problems and issues, which act as hurdle towards global integration. These are : (i) gross inequalities in income, (ii) poor infrastructure, (iii) lack of research facilities, and (iv) the problem of bureaucratic set up. According to Professor, P.R. Brahmananda (1993) the economies are being asked to perform functions assigned to market systems without the requisite infrastructures in storage houses, communication framework, trading establishments, organised stock exchanges, future markets, banking and financial institutions with branches, employment exchanges, commercial news-papers, advertisement media etc. Thus, the transformation of the market has been sought to be achieved in a vacuum. Private property in land, capital and financial assets etc., has yet to be established universally. The information basis for a market economy is virtually absent. The state is simply divesting itself of its functions without compensating new institutional arrangements. Capitalism cannot be established without capitalist institutions and a legal framework. Consequently, the transaction costs in the transitional processes have risen enormously, and great profits are being made by informal financial trading and information intermediaries. Consequently, the underlying basis for elastic supply schedules in various relative production lines has not come to exist. The institutions such as IMF, World Bank and WTO are emerging as the watchdogs and monitors of developing countries on behalf of the developed. The loans are sources of additional demand for the products of the developed. The pressures on the movin g down of exchange rates of the borrowing countries will be stronger. Further, there will be strong pressures to make the developing countries bring down the import duties and to free domestic markets. Internationally, the point of worry is that major economies of the world are going through a major recessionary phase and are increasingly turning inwards in an effort to balance their domestic and international priorities. Thus, even they continue to preach the articles of globalisation and opening up to the world, they themselves are forming closed trading blocs, NAFTA, Paciffic Basic Trade Bloc, being a few such examples. Thus, there are both, opportunities and hurdles in the entire process. Whereas the domestic ones can be overcome by the necessary reforms,  the trade policies and structural movements towards opening up may be slowed down by the protectionist polices of the industrial countries. According to Uncial’s Trade and Development Report (TDR) 1997, the invisible hand (market) now operates globally and with fewer countervailing press ures. It has sounded out a wake-up warning to countries that their faith in markets and economic openness could be overwhelmed by political events, since evidence is mounting that slow growth and rising inequalities are becoming more permanent features of the global economy. The policy efforts of developing world should be accompanied by an accommodating global milieu. But, among the asymmetrie of globalisation is the fact that liberalization of the world economy has proceeded so far in a lop-sided way that tends to prejudice the growth prospects of developing countries by discriminating against areas in which they could achieve comparative advantage. Thus, liberalisation of trade in goods has proceeded more slowly in those sectors where developing countries are more competitive. Major trading blocs continue to protect their agricultural sector. New forms of protection against exports of manufactures from the South are being sought as a remedy for labour market problems in the North. While many curbs have been lifted on the freedom of capital and skilled labour to move where it is Globalisation of Indian Economy 35 Economic Reforms in India best rewarded, no attention has been paid to abolishing many restrictions on the freedom of movement of unskilled labour. Ultimately global efforts to help developing countries could still come to nothing if the slowdown in economic growth in the North is not reversed. For a return to faster growth, the policy of full employment is not only a pre-requisite for resolving the twin evils of high unemployment and increasing wage inequality in the North, but is also essential for defusing the threat of a population backlash against globalisation, which might put the gains of global economic integration at risk. Check Your Progress 2 1) Highlight the implications of globalisations for Indian financial markets. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2) Mention three problems associated with globalisation. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 27.8 EFFORTS REQUIRED FOR GLOBALISATION While globalisation has arrived in the world, most organisations are still not ready for it. Yet, there is little doubt that to be viable during the next century, all organisations whether domestic or international, will need to become more global in their outlook, if not in their operations. The global organisation is a consequence to several new and sophisticated forces that have come to shape the world economy over the last decade. These are: (i) aggressive and massive financial accumulation and relatively free-flowing resource turner; (ii) well-defined and efficient communication channels; (iii) information transfer and control systems; (iv) technology development and application that seek both leading edge and low-cost product creation and production and clear recognition of the potential for mass markets, mass customisation, and (v) global trends. A joint industry-government working group set up by the Ministry of Commerce has recommended that the country should undertake corporate sector type advertising campaign in major international markets in order to improve the international image of Indian industry and goods and services. It suggested a two-step promotional strategy, beginning with a focus on image building for the country as a whole to combat its adverse image, followed by specific campaigns aimed at generating trade and investment flows. The expansion of  international trade and the rapid growth of products and services out of India will be enormously assisted if the image of India is improved by a special, sustained and co-ordinated effort by government and industry working together. Many developing countries like India do not have strong reputations. It is therefore imperative to build credibility among a targeted group of buyers and investors. 36 In this context, twelve different promotional techniques used by other countries have been advocated by the working group. These are: (i) advertising in the general economic media, (ii) participation in trade fairs and exhibitions, (iii) advertising in sector specific media, (iv) trade missions to select countries, (v) general information seminars on trade and investment opportunities, (vi) direct mail campaigns, (vii) industry or sector-specific missions to select countries, (viii) sector-specific seminars, (ix) firm-specific research followed by sales presentations, (x) provision of trade and investment counselling services, (xi) speeding up the processing of applications, and (xii) provision of post-investment and post-trade services. Moreover, while a host of bodies such as the Ministries of commerce, external affairs and finance, and several chambers of commerce are involved, there are no national coordinated efforts. Therefore, promotional work should be entrusted to an agency owned and funded jointly by the government and industry. However, it should function outside the purview of normal civil service rules and practices, should perhaps be a registered society, and â€Å"should be run as a non-governmental, private sector organisation with a work culture different from government†. It may be emphasised that the organisation must be staffed by multi-disciplinary professionals, drawn not from the government but from the private sector. â€Å"Essentially, a small, compact, fast moving group of people, led by a dynamic leader with task of promoting India internationally. As the international orientation of the Indian economy and Indian industry increase, it becomes essential for Indian industry to take ca re of details. Sustained efforts over a period, therefore, become necessary to build credibility. With this as the objective Confederation of Indian Industries  (CII) has drawn up a list of â€Å"Do’s and Don’t† for Indian industry to assist companies to deal effectively in international trade. In justifying the structural reforms that are being introduced in the Indian economy, the advocates of these reforms have brought the question of competitiveness to the centre of the discussion. Their argument runs as follows: The Indian economy needs to be integrated to the world economy. Globalisation requires that the Indian producers be competitive in the global market. It is only through these reforms that they can acquire the competitiveness and, therefore, the reforms are essential prerequisites for successful globalisation. Globalisation has of late become an objective in itself. This is both dangerous and ludicrous. Globalisation should not be considered a goal in itself and that it was merely a means to the ultimate aim of improvement of the economy. This s imple objective needs reinforcement among the experts if the avoidable pitfalls of an economy in transition are to be avoided. Transition is a word that triggers both unease and heightened expectations. It is very important for us to cope with the unease if we are to satisfy the heightened expectations of nearly a billion people. The strengthening of the internal economy was a pre-requisite for a globalising economy. Given the ultimate aim of globlisation and given the pre-requisite for a globalising economy, the ultimate aim of improving the economy appears to be both the means and the end. This simplification without the use of expensive-sugarcoated words is the right approach to addressing the unease and the positive expectations. The theoretical elegance of globalisation has its own attraction. It may help India to find some partial explanations for success and failure by systematically analysing the ability of a small set of firms to manage change. But India needs practical and profitable applications that would be relevant to the large set of firms and individuals. It needs consistent policies that can help to upgrade India’s position in international competition in a s ubstantial and enduring way. Towards this, India needs to find out what it is good at so that it can better achieve the best possible. The process of finding out what India and its firms are good at is yet to Globalisation of Indian Economy 37 Economic Reforms in India be put into motion at the national level and all the talk about globlisation is at best wishful and premature. Globalisation requires both static efficiency and dynamic efficiency, more of the latter than the former, and India is at a stage when it is unsure of economy’s static efficiency. A nation that is unsure of static efficiency is least equipped to pay for the dynamic extra options that are essential to guarantee success. The power blackouts in the states are an example of unsure, unreliable static efficiencies. Check Your Progress 3 1) Mention five new forces that shape the world economy. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2) Mention a few promotional techniques that need be adopted by India. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 27.9 LET US SUM UP India ought to know what it is good at before embarking on what it needs to be good at in order to reduce the unease and sustain the expectations of a prosperous future. A prosperous future is predicted on the competitive  advantage of firms in all sectors of the economy. The basis of competitive advantage in many sectors and industries, each seemingly distinct, depends on a set of critical elements common to a range of sectors. The set would obviously include transportation facilities, trained labour, energy, education and health. This set is indisputably at the heart of the economy. Its static efficiency needs to be improved. This is a prerequisite for sustaining and expanding the technical possibility set. Globalization would then be a clinch. â€Å"Behind the cost of production of every commodity, there is a story. It may be a story of innovation, technical progress and modern labour process, or it may be one of sweated labour, primitive labour process and pollution. By putting a price sticker on all commodities, the market suppresses these stories, and thus hides more than it reveals. It is like one of those dark nights in which all horses appear gray. No country today can live behind closed doors. Third world countries therefore must globalise. But while attuning the economy to the needs of the global market, it should be kept in mind that globalization does not generate the process of development, it is the latter that leads to, and in turn is reinforced by, successful globalisation. Unless the process of development which is basically a highly localised process – successfully triggered off, globalisation may lead to the classification of the structure of underdevelopment, instead of causing its dissolution† (Kalyan K. Sanyal, 1993). 38 It is interesting to note that the Nobel Laureate Professor Amartya Sen support  removal of government control over industry and commerce and even endorses globalisation provided welfare is not ignored. He admits unhesitatingly that with the initiation of the right kind of policies, globalisation would secure more prosperity. Globalisation of Indian Economy 27.10 KEY WORDS Backwash Effects: These operate where the economic growth in one region of an  economy has adverse effects on the growth of other regions. Common Market: An area, usually combining a number of countries, in which all can trade on equal terms. Exchange Rate: The rate at which one currency may be exchanged for another. Financial Capital: The liquid as opposed to physical assets of a company. Public Utility: Essential good or service like power, gas, transport etc. A company or enterprise, which is the sole supplier of some of these essential goods or services and is, in consequence, subject to some form of government control. Trade Blocs: Association of group of countries for safeguarding their interest visà  -vis other non-member countries, like European Union (EU) and North America Free Trade Agreement (NAFTA), ASEAN, APEC etc., are some of the example of such trading blocs. Members of these trading blocs have eliminated all barriers to trade amongst member countries. The 15 members of EU have created a single internal market. 27.11 SOME USEFUL BOOKS Bhalla, G.S. (1995): Globalisation and Farm Policy (Presidential Address delivered at the 54th Annual Conference of the Indian Association of Agricultural Economics at Kolhapur) Business Line, January 12-27. Brahmananda, P.R. (1993): Global Economy, Plea for Realistic Scenario, Financial Express, December 30 & 31, January 1, 1993. Chandra, Nirmal Kumar (1995): China’s Tryst with Globalisation, Economic & Political Weekly Jan.28. Chugh K.L. (1992): The Role of Corporation in the New India, speech at the 81st Annual General Body Meeting of ITC Ltd., Observer of Business and Politics, August 10. Dhingra, I.C. (2000): The Indian Economy : Environment and Policy, Sultan Chand & Sons, New Delhi. Kumar, T. Krishna (1996): Management of Development in the Newly Emerging Global Economic Environment, Economic and Political Weekly, June 22. Malhotra, R.N. (1989): Globalisation of the International Economy and its Implications for Developing Countries in Asia, Reserve Bank of India Bullet in, October. Narasimham. M. (1989): Globalisation of Financial Markets in India, Exim Bank Commencement Day Annual Lecture 1989, Mumbai. 39 Palkhiwala, Nani A (1995): Making Indian Industry Globally Competitive, Forum of Free Enterprise, Mumbai, May-June.