Restricted benefits of globalization

Abstract

Globalization word sounds as if each country is a part of the global village. The countries are forced to integrate with the global economy once they have given up command economy. The market-led-led economy has to be globalized to take advantage of the free movement of factors of production, technology, patents, design etc. The closed economies could not succeed in overcoming backwardness. Therefore, what was conceived in Bretton Wood slowly continued to gain acknowledgment. Finally, even though each country wanted to be communist at one stage, they saw better progress in globalization After remaining beyond the realm of, the countries had to fall in line. Globalization placed a condition that there will be excessive use of capital and labor if the two-way flow of goods and money happens. This is the reason that China grew up at the strength of work. But getting productivity from labor is not an easy task. In case it fails to deliver the output, the country's progress remains underachieved. Poverty and unemployment are still serious issues in India because labor could not be treated fairly. Therefore, advanced countries continue to enjoy the capital eco system in which education is also capitalized.