Jose John May 15, 2016 No Comments
THE GLOBALIZATION OF INDIAN ECONOMY The concept of globalization was first introduced by Adam Smith, the father of modem economics in the year 1776 through the book titled, “The Wealth of the Nations”, and since then the globalization has been liked yo-yo. In the days of yore, British, Chinese, Indians and Mughals were involved in global business. The Chinese used to sell silk to the world and buy dynamites. The British used to come to India to buy condiments and in return India used to buy ammunition. So, the point is that globalization is not a new concept. In the good old days, globalization was even more prevalent because Indian spices, silk handicrafts, gold and silver jeweler, etc., were ubiquitous everywhere in Europea. In the past, globalization meant quid pro quo i.e., one thing for another. But in the early 20th century, everything changed when France introduced the system of protectionism and every nation began to create boundaries. Protectionism destroyed globalization in toto. But again in the late 20th century the winds of globalization began to blow. Dr. Allen Green Span as well as Dr. Paul Walker began to egg the nation in favour of globalization and it was July 1, 1991, when India became the part and parcel...
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