Concept of Globalization & its Impact on Economical Development

Taru Mishra

doi:10.36948/ijfmr.2025.v07i03.47117

Concept of Globalization & its Impact on Economical Development

Author(s)	Dr. Taru Mishra
Country	India
Abstract	Since the 1980s, Globalization has fundamentally transformed relationships between nation states as well as the terrain of domestic political, constitutional, and regulatory frameworks that govern economic and development policies, particularly in developing nations. Globalization is a multifaceted phenomenon that has become increasingly vital in the 21st century. Globalization connects everyone, from the world’s poorest slum dweller to the richest billionaire. Examining the historical roots and evolution of globalization, we uncover its transformative impact on the world. The economic realm witnesses global inter connectivity leading to unprecedented growth, yet challenges of inequality persist. Culturally, globalization fosters diversity while challenging traditions. Politically, it blurs national boundaries and prompts new forms of international governance. Environmental consequences, including climate change and resource depletion, are inextricably linked to a globalized world. We explore case studies to illustrate the real-world implications. As we peer into the future, we anticipate both opportunities and hurdles that globalization presents. This research paper explores about the term Globalization which implies the continuing expansion and intensification of economic, political, social, cultural and judicial relations across borders. This paper tries to explain about the term globalization with the support of its origin in each eras. This study also discussed about the various aspects of globalization with its brief description. This paper also examines the impact of globalization on public administration, legal profession, education, justice system in India. In sum, globalization is an indispensable force that shapes our world, necessitating a nuanced understanding of its complexities and its impact on our collective future.
Keywords	Globalization, Trade, Economy, Culture, Dimensions, Business.
Field	Sociology > Economics
Published In	Volume 7, Issue 3, May-June 2025
Published On	2025-06-05
DOI	https://doi.org/10.36948/ijfmr.2025.v07i03.47117
Short DOI	https://doi.org/g9pzvd

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Concept of Globalization & its Impact on Economical Development

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