Dr. Poonam Kumari, Assistant Professor, Department of Law and Governance, Central University of South Bihar
Ankit Kumar, Research Scholar, Department of Law and Governance, Central University of South Bihar
Introduction
The concept of globalization has become synonymous with economic development and the factors influencing a country’s progress. As a process contributing to the advancement of nations and the world, globalization remains a pervasive and highly debated notion in contemporary times. The concept of globalization of a country refers to the process of improvement and development in certain areas like the economic opportunities, quality of human lives and reduction in the poverty. Better health facilities, better education of citizens, clean environment and utilization of resources in better way are some the important components of Globalization and development. Also, the proper and justified distribution of goods and services is the part of economic globalization. A good distribution network includes the good transportation system results in not only better delivery of goods and services but the improvement of labors mobility and cross border movement. Globalization is a very complicated process, and not a recent phenomenon, since our world has long been affected by its repercussions on several facets of life, including the political, social, economic, and environmental.1 Economic globalization refers to the process of increasing interdependence of world economies on different countries due to the expansion of international trade in goods and services, the free flow of capital across borders, and the wide- spread use of new technology.2 Economic globalization means a process which includes flows of goods and services across the borders, transnational capital flows, lowering of trade and tariff barriers, immigration, the transmission of technology, knowledge beyond national boundaries and most importantly the flow of information across the borders.
Globalization is a process of integration of national economy into world economy, and economic development is outcome of such process of globalization. A greater standard of living and an overall higher quality of life are often the effects of economic growth, which is the outcome acquired as a result of the growing interconnections among nations. The effective growth of a country's economy, society, environment, and politics also depends upon certain factors and the ability of the state and its labor power. So, in shaping the development of the world and of several countries, globalization is crucial.4 The COVID-19 pandemic had severe worldwide repercussions, resulting in contraction of the global economy. However, it is anticipated to recover and resume its growth and it is possible only through global trade. This article makes an effort to clarify the role that globalization has played in the social, political, economic, and environmental advancement of nations and the entire world.
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