An Exploratory Study on Globalization and Psychological Consequences on Sustainable Economic Development

Abstract

India’s global economy has grown rapidly since 1991, with an average annual GDP increasing from 3.5% to 7.7% between 2002-2012. Globalization, a process involving immigration, trade, and idea exchange, offers opportunities like increased trade, investment, and employment but also presents challenges like inadequate infrastructure, inequality, and identity issues. The concept of grounded globalization was developed in 2002, allowing psychology to develop a theoretical and empirical understanding of globalization in psychology. This study focuses on how globalization influences the psychological functioning of sustainable economic development, particularly in adolescence, as adolescents play a vital role in globalization. This study employs an exploratory survey design. Five hundred eighty-four samples were enquired about how globalization influences psychological functioning for sustainable economic development. Tools such as ANOVA and linear regressions confirm that Identity issues are central to adolescent development, and globalization indirectly affects how changes influence people, reactions, and acceptance rates. Globalization has led to significant psychological changes in identity, resulting in bicultural identities, identity confusion, and self-selected cultures. This study examines the psychological impact of globalization on bicultural identities, identity confusion, self-selected cultures, and the spread of emerging adulthood.