Globalisation Times

SOCIAL SCIENCE NOVEMBER 2023 PROJECT

What is
Globalisation?
Pg. 1

The beginning
of Globalisation

Pg. 2, 3

Captain America
explains Consumer
Rights
Pg. 8

Aayush Patel | Namra Patel | Shreya Bhandari | Anushri Tripathi | Anubhuti Goyal
 Globalisation Times

GLOBALISATION
SOCIAL SCIENCE NOVEMBER 2023 PAGE 01

What exactly is ‘Globalisation’?

Globalisation means the Globalisation affects people who
interconnections in economic are a part of the community in
activities, trade and business that every aspect, like where they work,
have led to the integration of who they work for and moving
manufacturing processes and around the world. It changes the
markets around the different way local cultures develop all
economies of the world. around the world.
 Globalisation Times
SOCIAL SCIENCE
THE BEGINNING...
The Silk Road
A network of trade routes that
connected the East and West,
facilitating the exchange of goods,
ideas, and cultures between Asia,
Europe, and Africa.
Age of Exploration
European explorers like Christopher
Columbus, Vasco da Gama, and
Ferdinand Magellan embarked on
NOVEMBER 2023 PAGE 02
Industrial Revolution
The Industrial Revolution marked a
shift from agrarian economies to
industrialized ones, leading to
increased global trade and the rise of
The Silk Route
the modern world economy.
voyages that led to the discovery
of new lands, including the
Americas, and the establishment
of global trade routes.
 Globalisation Times
SOCIAL SCIENCE
BRETTENWOODS CONFERENCE
The Bretton Woods Conference was
a pivotal international gathering held
in July 1944 in Bretton Woods, New
Hampshire, United States.
It brought together delegates from 44
Allied nations during World War II
to establish a new international
monetary and financial order after
the war.
The conference's primary objectives
were to address the economic
challenges of the time and to prevent
NOVEMBER 2023 PAGE 03
a recurrence of the economic crises
and competitive devaluations that
had characterized the 1930s.
The Bretton Woods Conference
established a new international
monetary order with the creation of
the International Monetary Fund
(IMF) and the World Bank, setting
the stage for post-World War II
economic globalization.
 Globalisation Times
SOCIAL SCIENCE NOVEMBER 2023 PAGE 04

GATT and WTO...?

General Agreement on Tariffs and World Trade Organisation
GATT was established in 1947 as a
result of the United Nations
Conference on Trade and
Employment (also known as the
Havana Conference) with the primary
goal of promoting global economic
recovery after World War II.
GATT encouraged member countries
to reduce their tariffs and trade
barriers and provided mechanisms
for resolving trade disputes among
member countries.
The Havana Conference, 1947
GATT was succeeded by the World
Trade Organization (WTO) in 1995.
The WTO incorporated many of
GATT's principles and agreements
but expanded its scope to include
trade in services and intellectual
property rights. The WTO also
serves as the modern international
body for regulating and facilitating
international trade.
 Globalisation Times
SOCIAL SCIENCE
Liberalisation,
Privatisation &
Globalisation
India's adoption of the LPG
(Liberalization, Privatization, and
Globalization) policy in the 1990s was
closely linked to its commitments
under the General Agreement on
Tariffs and Trade (GATT).
To comply with GATT rules and
promote global trade, India
significantly reduced trade barriers,
liberalized its economy, and opened
up various sectors to foreign
investment. This alignment with
NOVEMBER 2023 PAGE 05
GATT principles facilitated India's
integration into the global economy,
leading to increased trade, economic
growth, and foreign investments.
Information &
Communication FINANCIAL GLOBALISATION:
The late 20th century witnessed a
Tech Revolution significant increase in international
Late 20th century onwards, advances financial flows, with the liberalization
in technology, such as the internet and of financial markets and the growth of
telecommunications, have significantly multinational corporations.
accelerated the flow of information,
capital, and goods across borders.
 Globalisation Times
SOCIAL SCIENCE
MULTI NATIONAL COMPANIES
Multinational Corporations (MNCs)
emerged as a result of globalization
and the liberalization of global
markets. These large companies
NOVEMBER 2023 PAGE 06
operate in multiple countries,
facilitating the international flow of
goods, services, and capital.
MNCs leverage advantages such as
economies of scale and access to
diverse markets, enabling them to
standards, environmental impact,
expand operations globally. They
and taxation.
often play a significant role in
shaping economies and trade The emergence of MNCs has
policies, contributing to both transformed the globe, fostering
economic growth and sometimes interconnectedness and competition
controversies over issues like labor in the modern global economy.
 Globalisation Times
SOCIAL SCIENCE NOVEMBER 2023 PAGE 07

What is the future of Globalisation?

interconnected thanks to digital
connectivity and cross-border
cooperation, despite rising
protectionist sentiments in some
areas. It will be critical to strike a
balance between social and
environmental responsibility and
economic growth. A more robust NOWADAYS ONE
and inclusive global framework that COUNTRY CANNOT GO
Globalization's future will probably prioritises shared prosperity,
be influenced by changing equitable development, and the ALONE. THIS IS A
geopolitical dynamics, technological health of people and the planet may GLOBAL VILLAGE.
breakthroughs, and environmental emerge as societies struggle with the - Sheikh Hasina
issues. The world may become more effects of pandemics and inequality. Prime minister of Bangladesh
 Globalisation Times
SOCIAL SCIENCE NOVEMBER 2023 PAGE 07

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Consumer Rights
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EXPLOITATION OF CONSUMERS.