Globalization, Liberalization and Economic Development

Globalization is widely seen as the most important factor influencing economies of the world in the new millennium. A major feature of globalization is the growing concentration and monopolization of economic resources by transnational corporations and by global financial firms and funds. This process has been termed 'transnationalization,' in which fewer and fewer transnational corporations are gaining a large and rapidly increasing proportion of world's economic resources, production, and market share. Economic liberalization in India started in the early 1990s and encompassed wide-ranging reform measures in the areas of industry, public finance, banking and insurance, foreign trade, and exchange rate management. India's recent economic performance has, indeed, been creditable. However, such growth must make a demonstrable difference to the lives of the poorest and most vulnerable citizens. Inclusive growth necessarily implies concerted efforts by all levels of government to invest in the delivery of public services, particularly those which promote progress in social sectors like health and education. This book deals with India's recent development experience in the context of globalization, focusing on the need for inclusive growth.