There are lots of topics on which people are making debates like Depreciation in the value of the Indian Rupee, Status of Indian Economy, Environment, Women Empowerment, FDI and many others which cannot be listed. But among them, we are overlooking a major topic for the discussion as well as need serious attention from the people. The topic is Globalization versus Nationalism. We have been seeing the effects of both but need to figure out the importance of both for a country. So here is a discussion on this topic for you.
Globalization means the integration of the various economies of the world leading to one global economy. It involves an increased level of interaction and interdependence among various countries. The exchange of the products, ideas, culture, manpower and other resources varying country to country constitute the actual meaning of Globalization. Because of this globalization, now we have the access to major countries and their products and services within our country which was a dream earlier. This has been possible because of he growth in the technology of transportation and communication. In India, prior to present falling value of rupees, the country raised its interaction from the world through
globalization only. Globalization causes:
Interdependence of trade among nations.
- Exchange of goods and services among nations.
- Social interaction among countries.
- Transfusion of management practices.
- Foreign investment.
- Technological interaction among nations.
Nationalism is a political ideology that involves a strong identification of a group of individuals with a nation. Nationalism includes the interaction limited up to the one particular nation. Following and respecting the ideas and rules and regulations of your country is the Nationalism. The generous respect and honour given to one’s country is the Nationalism. Development and being globalized is the need of a country to take steps with the present era of the technological progress. But one should also have to keep the feeling of nationalism at the same time. Nationalism causes:
1. Trade only in the one particular boundary.
2. Rigidity in exchange of goods and services across the nation only.
3. Other countries are not involved in the trade.
4. Fixed management practices are followed.
Globalization causes economic revolution in many countries.In India before globalization there is a slow growth in GDP. Globalization also create competition among various companies which will help the consumer to get the good services. Globalization also created new opportunities for various companies providing services. WTO (World Trade Organisation), controls the international trade among the nations.
Advantages and disadvantages of Globalization and Nationalism-
Globalization has many advantages but there is also some disadvantages of it. Globalization may be harmful for local domestic markets, because there may be many global companies which provide services and goods at nominal rates. Globalization also increases the foreign control over the nation economy. Nationalism is preferable, but the nationalism is not able to increase the GDP at the required level for the nation.So, one have to switch over the globalization. Nationalism creates a secure environment of trade for the nation. But, for the improvement in the nation’s economy there is a need of global orientation. India currently accounts for 1.2% of World trade as of 2006 according to the World Trade Organization (WTO).
Globalization marks the India as a greater economy in the whole world. Globalization is helpful in increasing employment opportunities in various MNCs .So, there must be a balance between globalization and nationalism. Local market should not be ignored. Foreign investment is also necessary . The local market and global market both should be given equal opportunities. Nation should make it’s economic policies which suit the needs of both globalization and nationalism.
Give your views and share your thoughts on this discussion topic, Globalization Versus Nationalism in the comments and let people know what you think of them.