Major Works Data Sheet Essay Example for Free

Major Works Data Sheet Essay Plot summary: Heart of Darkness begins on the Thames river and told by an unknown narrator. He and several other men are on the deck of a ship when Marlow, a captain, begins to speak. Marlow had always wanted to travel to Africa and up the snakelike Congo River. With the help of his aunt in Brussels, Marlow gets a job as a boat captain on the river with a Dutch trading company that deals in ivory. After getting his assignment at the office in Brussels, he travels to the mouth of the Congo River in a French steamer, which drops off soldiers and clerks at many stations along the African coast. The site of a French man-of-war firing at nothing puzzles Marlow. When Marlow arrives at the mouth of the Congo, a Swedish captain takes him to the company’s Inner Station on a smaller boat. Outside of the station he sees Africans chained and working hard at worthless projects, with others nearby dying slowly. Marlow is impressed with the competence and dress of the accountant who works at this station. It is here that he firsts learns of Kurtz, an exceptional trader who is destined for great things. Marlow then travels to the company’s Central Station, walking two hundred miles inland with a sick, overweight white man who had to be carried by Africans, until they tired of it and abandoned him. Once at the station, Marlow meets the General Manager, a hollow man who got his job not by virtue of his merit but simply by remaining alive. His only talent is making people feel uneasy. The boat Marlow was supposed to captain had been torn up in an accident just before he arrived, so Marlow spends months at the station making repairs and waiting for rivets. During this time, Marlow watches many of the white men do no work and walk aimlessly. One day a building caught fire and they decided to punish an African for it. Marlow then meets another  hollow man, the brick maker, who has no mater ials to build bricks. The brick maker questions Marlow about his connections in Europe, and Marlow learns more about Kurtz, who is besides being an excellent trader, an artist and in Africa for the purpose of bringing light to the natives. Marlow determines that the brick maker is a spy for the manager and that neither likes Kurtz. The mysterious Kurtz increasingly intrigues Marlow. He overhears the manager and the manager’s corrupt uncle express their hatred and jealousy towards Kurtz, who is rumored to be ill. With the repairs complete, Marlow captained the boat upriver, manager on board, towards Kurtz’s station. He employed the help of a group of cannibals, whore frained from eating anyone in his presence. Just before arriving at Kurtz’s station, a tribe of Africans attacked the ship, and his African helmsman was killed, having lost his self-control. At this point Marlow worries that he may never meet Kurtz, but they find Kurtz’s station upriver. Greeted by a young Russian, Marlow finds out that Kurtz is very ill. He also finds out that Kurtz convinced a tribe he was a deity to use them to get more ivory. Kurtz goes crazy and runs for the woods, devoid of all restraint. Marlow finds him and helps him back to his bed. Kurtz gives Marlow some papers to give to people in Europe. Kurtz eventually dies, saying â€Å"The horror, the horror.† Marlow returns to Europe, delivers the papers, and eventually talks to Kurtz’s fiancà ©. She is still very idealistic and he cannot tell her about Kurtz’s last words, saying instead Kurtz uttered her name before dying.

Juvenile Justice Essay Example for Free

Juvenile Justice Essay Crimes are usually assumed to have been committed by adults, unfortunately, in today’s society; crimes are committed by juveniles at a growing rate. Maybe juveniles are viewing too many violent television shows or movies, playing too many violent video games, or maybe juveniles are committing crimes out of boredom. Nevertheless, the pertinent issue is the fact that juveniles are participating in the commission of criminal activity at an adult level. Juveniles are no longer stealing candy bars from the local grocery store, but they are committing violent crimes against other people. Even more astounding is the fact that these same juvenile offenders are walking away with only probation as their punishment. For the most part, juveniles commit offenses pertaining to property, public nuisances, and underage drug and alcohol related crimes. Violent crimes against other persons such as assault and battery and murder are now included in the list of crimes committed by juveniles (Torbet, 1996). In order to understand why specific crimes are committed, one must carefully examine the juvenile offender. Juvenile offenders are both male and female. Some come from broken or single-parent homes lacking adequate supervision of the juvenile during the evening hours. Some juveniles are suffering from an undiagnosed psychological disorder whereby making it difficult for the juvenile to understand the consequences of his or her criminal actions. Finally, some juveniles have become associated with local gangs or gang members as a means of joining the group. Probation is a necessary factor within the juvenile justice system. There is however, the lingering question as to what crimes constitute a probationary sentence and what crimes mandate incarceration. First time offenders have almost always been guaranteed probation as a means of scaring the juvenile into straightening out their life (Gaines Miller, 2008). Juveniles having committed petty larceny, underage drinking violations, and simple assaults may also be good candidates for probation, but juveniles who have committed felonies should not be afforded probation. Juvenile probation enacts specific mandates in order to retrain and discipline the offender for his or her wrongdoing against society. Community service and attending school are most common requirements of probation. Some courts even order the juvenile to pay restitution to the victims. Curfews are strictly enforced as are daily or weekly reporting to the assigned probation officer (Torbet, 1996). In certain cases, substance abuse counseling and attending groups such as narcotics anonymous or alcoholics anonymous are provisioned. Counseling is generally enforced as a condition of probation and may include anger management classes and social skills building therapy (Gaines Miller, 2008). If a juvenile fails to meet any provisions set forth by the probation officer, the juvenile’s probation could ultimately be revoked. It is difficult to combat or devise a universal solution to the juvenile delinquency problem in this country. Many programs have been created in order to aid the juvenile justice system by attempting to discourage repeat offenders. Some courts may find it necessary to require random urinalysis screenings of any or all juvenile offenders. Juvenile probation officers may discover in the course of monitoring certain juveniles that family counseling may be necessary in order to provide the juvenile with structure and stability. In more severe cases, it could be suggested that the juvenile may need to be removed from the home and placed into foster care in order to protect the juvenile from imminent danger created by addicted parents or crime filled neighborhoods. The juvenile justice system is in dire need of reorganization, and the best starting point would definitely be in the juvenile probation department.

Gene Therapy In Genetic Engineering Applications

Gene Therapy In Genetic Engineering Applications Gene therapy is one of the applications of the genetic engineering. It is a technique which correcting defective gene that is responsible for disease development (cited Safdar, 2010). Gene therapy also involves the addition of healthy and functional copy of the faulty gene into the target cells of the body. Gene therapy generally works by inserting a normal gene into the genome to replace an abnormal gene in the target cells. There are two types of gene therapy. Firstly, germ line gene therapy which involves modification of genetic material in the gamete cells that would be heritable and can be pass through to the next generation. Secondly, somatic gene therapy which involves insertion of therapeutic gene into somatic cells of the patient that only effect to the individual patient only and will not be inherited by patients offspring.( cited in Ten Tailed Fox, 2009). Various genetic disorder diseases commonly are caused by faulty genes. With gene therapy, instead of treating the symptoms of the disease, treatment also target and correct the underlying cause of disease and eventually improve the faulty genes to normal genes. One of the genetic diseases that apply gene therapy as alternative treatment is Cystic Fibrosis. Cystic Fibrosis (CF) is one of the most well-known hereditary lethal diseases. A study conducted by UK Cystic fibrosis Gene Therapy Consortium (UK CFGTC) stated that approximately, 50 000 people and 1 in 2500 newborns around the world are affected. CF is an autosomal recessive disorder which caused by the mutation of Cystic Fibrosis Transmembrane Conductance Regulator (CFTR) protein that leads to abnormally thick secretion of mucus. The organs most affected by CF are the lungs, gut, pancreases, liver and reproductive tract, but lung infection is the most serious affected by CF. (cited in Metharom, 1997). Continuous inflammation, damaged lungs and respiratory failure are results of repeated cycles of infection that may leads to death. With the development of effective treatment to overcome CF, gene therapy was introduced by scientist in 1990 which promises new opportunity for CF patients to have a better and long life span. This gene therapy involves replacing the detective CFTR gene with the normal one in the affected cells. As the results, the functional CFTR are being produced in all target cells and the CFTR gene will then conducts the production of normal CFTR protein which acts as a medium that allows releasing chloride and other ions. But this is opposite with people who have CF, where CFTR protein is detective and the cells do not discharge chloride ions. Although, gene therapy has the capability in treating CF, it still faces with various issues. This report consists of history of CF gene therapy and genetic techniques of gene therapy on CF. Research findings also include the advantages and disadvantages of using gene therapy in treating CF. 2.0 BACKGROUND GENETIC Gene therapy has shows that much positive feedback in treating genetic diseases although there are many failures happened. Gene therapy for CF first discovered in 1990 when scientist treated defective CFTR successfully and they added the normal copies of the gene to laboratory cell structures. The first experimental CF gene therapy treatment was given to CFs patient in 1993 (cited in Schoenstadt, 2009). The table below shows the major events that occurred due to development of gene therapy in treating Cystic Fibrosis. 3.0 GENETIC TECHNIQUES In gene therapies, there are three main techniques that are being used in treating diseases. The first is Gene addition, in which the genetic material is added to the target cells with no attempt to incorporate it into chromosomes. Second one is techniques of gene repair that replace abnormal segments of DNA in defective genes in their normal chromosomal site. The last one is Gene replacement techniques which allow deletion of the abnormal gene from its chromosome and replacement with a normal gene. (cited in Sade RM, Khushf G., 1998). In order to treat CF, the common technique used is Gene replacement by using vector. Vector is a DNA molecule (virus) act as a medium to transfer foreign genetic material into another cell. Instead of introducing new genetic material into target cells vectors are also agents to which new genetic material is attached. Diagram below shows the working of a virus acts a vector in gene therapy. First step to do is designing a vector by modifying the gene of the virus. We need to remove the rep gene which codes for proteins that responsible for viral replication as well as cap gene, which codes for capsid structural proteins. Then, we insert the normal CFTR gene in the virus. Second step is producing the virus. After inserting the CFTR gene in the virus, we transfer the vector into a packaging cell line so that the vector will combine with protein needed to assemble the virus. Next, we collect the virus sample from the growth medium and add into the Petri dish containing the CF cells. The virus give effect to the cell as it integrates the DNA into specific location on chromosome 19. Last step, we transfer the vector into CF patient. CFTR gene in the cell will transcribe into mRNA and this induces the cell to produce normal CFTR protein in the target cells. Diagram below show the mechanism of vector in treating Cystic Fibrosis. 4.0 SOCIAL ISSUES In recent years, many types of techniques have been developed to identify genes associated with specific diseases. Society always debate over the ethics of using gene technology to treat human beings when recombinant DNA research began. Tables below show advantages, disadvantages, ethical and social of practicing gene therapy to treat genetic diseases such as Cystic Fibrosis. ADVANTAGES OF GENE THERAPY Gene therapy promotes in providing better and normal life for those who practise the therapy. (Ten Tailed Fox, 2009). The practice of gene therapy on CF patients can solve their problems by replacing none functional gene with functional one. (cited in S. Muniba, 2010) Gene therapy has high success rate compared to other methods in treating CF disease. Gene therapy helps patients to avoid from practicing unnecessary treatment and alternative which may be dangerous to them. SOURCE: http://www.biotecharticles.com/Genetics-Article/Gene-Therapy-Advantages-and- Disadvantages-271.html DISADVANTAGES OF GENE THERAPY Scientist stated that correcting the defect in people who had diseases is much harder than achieving correction in cells in the laboratory .It means that there are also numbers of trial that results in failure. (cited in Healingwell.com ) Practice of gene therapy using vector may induce immune response in the patients. The gene that is injected or sprayed into patients target cells may trigger antibodies to kill the vectors. ( cited in William, 2000).This is because virus is used as a vector to transport the therapeutic gene. The use of gene therapy in treating CF will cause in diminishing the gene pool. Their patient s next generation will have to survive with the changes in their genomes.(cited in Sade RM, Khushf G., 1998 ). Chance of inducing a tumor .If the DNA is integrated in the wrong place in the genome, for example in a tumor suppressor gene, it could induce a tumor. (cited in Healingwell.com) SOURCE: http://academicdepartments.musc.edu/humanvalues/pdf/gene-therapy.pdf In conclusion, gene therapy is a best solution in treating cystic fibrosis because it has the high chances to eliminate this genetic disorder disease. Muniba stated that gene therapy could be last cure for every genetic disease. People who take gene therapy will make up their mind if they also face with this problem because this type of treatment can be the last hope for them in treating hereditary disease like Cystic Fibrosis.Government should concerns regarding the harms that may be associated with gene therapy and the beneficial uses of gene technology are required. (1547 words)

Role of Women in Shakespears The Taming of the Shrew :: The Taming of the Shrew

Role of Women in The Taming of the Shrew "The Taming of the Shrew" is a great example of Shakespear's use of women. Shakespeare indeed does transcend the stereotypes of his own time. In Shakespeare's, "The Taming of the Shrew" the relationship between the sisters Katherine and Bianca appears to be strained with rampant jealousy. Both daughters fight for the attentions of their father. In twisted parallel roles, they take turns being demure and hag-like. Father of the two, Baptista Minola, fusses with potential suitors for young Bianca and will not let them come calling until his elder, ill-tempered daughter Katherine is married. The reader is to assume that meek, mild-mannered, delicate Bianca is wasting away while her much older, aging, brutish sister torments the family with her foul tongue. Katherine seems to hold resentment toward Bianca. Her father favors Bianca over Katherine and keeps them away from each others' torment. When gentlemen come calling, Bianca cowers behind her father and Katherine speaks up for herself. "I pray you sir, is it your will to make a stale of me amongst these mates?" (1.1.57-58) Bianca and Katherine dislike each other feverishly. Katherine torments Bianca with words and physical harm. She binds her hands, pulls her hair then brings her forth to her father and the gentlemen callers. Bianca denies liking any of the visitors and portrays herself an innocent that merely wants to learn and obey her elders. She says, "Sister, content you in my discontent to your pleasure humbly I subscribe. My books and instruments shall be my company, on them to look and practise by myself." (1.1.80-84) Because Katherine speaks freely and asserts herself she is labeled as "shrewish." When Hortensio describes her to Petruccio, he spews out that she is "renowned in Padua for her scolding tongue." ( 1.2.96) He gilds the lily further by clearly telling of her fair fortune if suitable man comes courting and wins her hand in marriage. Petruccio sees dollar signs and rushes onwards in grand dress and fluently gestures to court the gracious "Kate." When he first begins his ritual of winning the family and Katheri ne to his love, he is seeking his fortune in her dowry. The mention of her being at all undesirable does not put rocks in his path.

Dr. Meredith Belbin’s Team Roles Essay -- Business and Management Stud

Dr. Meredith Belbin’s Team Roles Biography of Dr. Meredith Belbin Dr. Meredith Belbin received his first degree in Classics and Psychology at Clare College in Cambridge. He obtained another degree for his doctoral dissertation on Old Workers in Industry. After completing his training at the Institute of Engineering Production at Birmingham and Research Fellowship at Cranfield, Dr. Belbin became a management consultant of many industries. When he came back to Cambridge, Dr. Belbin worked as a Chairman of the Industrial Training Research Unit and Director of the Employment Development Unit. Also, Dr. Belbin became the first lay member in Cambridgeshire of the Lord Chancellor’s Advisory Panel on the Appointment of Magistrates and Senior Associate of the Institute of Management Studies, in Cambridge. For three years he worked as a Visiting Professor in Leadership at Exeter. It was here, where Dr. Belbin produced a short program for entrepreneurs. Later on, he left his job to work at the University of Bristol. He was an External Examiner in Entrepreneurship and Engineering Management for MSc dissertations in that institution. Dr. Belbin wrote a lot of books on Management Teams. This is a list of books which he had written and when they were published:- 1. Why They Succeed Or Fall (1981) 2. The Job Promoters- A Journey To A New Profession (1990) 3. Team Roles At Work (1993) 4. The Coming Shape Of Organisation (1996) 5. Changing The Way We Work (1997) 6. Beyond The Team (2000) 7. Managing Without Power (2002) 8. The Origin and Future of Mind (2004) As a consultant, Dr. Belbin had provided number of advises to the OECD, the United States Department of Labour, the Commission of the EEC, many other manufacturing industries and public service businesses. When he was a lecturer and seminar leader, he had frequently visited various countries. Dr. Belbin became part of his family firm called, Belbin Associates. This is commonly known as producers of INTERPLACE. It is a computer-based Team-Role Advise System which offers advice on Human Resources management issues and it is used throughout the world. Team Roles Dr, Meredith Belbin was the founder of the Team Roles. His definition of a team role is, â€Å"a tendency to behave, contribute and interrelate with others in a particular way.† In 1981, Dr. Be... ...gning successful teams * It facilitates internal placement * It is effectively used for job evaluation Each team needs a leader to reach team goals and achieve the organisation’s objectives. Dr. Belbin identified two types of leaders:- 1. Solo Leader 2. Team Leader Solo Leader 1. Solo leader plays an unlimited role 2. The leader strives for conformity 3. Collects admirers and sycophants 4. Tells subordinate what to do 5. Plays everything and expect everyone to follow the plan Team Leader 1. Team leader plays a limited role 2. Builds on diversity 3. Seeks talent in the team 4. Develops colleagues 5. Creates missions Dr. Belbin reckons that there are two reasons for, why team leadership is becoming very popular throughout the global:- 1. â€Å"We are living in a world of increasing uncertainty where things are changing quite dramatically and often very quickly. One person can no longer understand all of this and provide the direction needed to cover every situation.† 2. â€Å"Team leadership is the only form of leadership that is acceptable in a society where power is shared and so many people are nearly equal.†

Chaucers View of Women Exposed in The Canterbury Tales Essay -- Geoff

Often, the most memorable female characters are those who break out of the stereotypical â€Å"good wife† mold. When an author uses this technique effectively, the woman often carries the story. In Geoffrey Chaucer's Canterbury Tales, he portrays the Wife of Bath, Alison, as a woman who bucks the tradition of her times with her brashness and desire for control. Chaucer effectively presents a woman's point of view and evokes some sympathy for her. In the author's time, much of the literature was devoted to validating the frailties of women. However, in this story, the Wife is a woman who has outlived four of five husbands for â€Å"of five housbodes scoleying† (P50) is she. She holds not her tongue, and says exactly what she thinks, even if she contradicts others, even Jesus. For in the Bible it states that Jesus â€Å"Spak in repreve of the Samaritan:/‘Thou hast yhad five housbondes,' quod he,/‘And that ilke man that now hath thee/Is nat thyn housbonde'† (P16). Despite this quote from the holy writ, the Wife states that ther are no other arguments â€Å"Eek wel I woot he [Jesus] saide that myn housbonde/Sholde lete fader and moder and take me,/But of no nombre mencion made he [Jesus]--/Of bigamye or of octagamye† (P30). She maintains her position and dismisses the one contention in the Bible by stating in relation to the above quote â€Å"Wat that he mente therby [she] can nat sayn,/But that I axe why the fifthe man/Was noon housbonde to the Samaritan?/How manye mighte she han in mar...

Globalisation of Indian Economy Essay

Economic Reforms in India UNIT 27 GLOBALISATION OF INDIAN ECONOMY Structure 27.0 27.1 27.2 27.3 27.4 27.5 27.6 27.7 27.8 27.9 27.10 27.11 27.12 Objectives Introduction Globalisation and Economy Benefits of Globalisation Globalisation and Indian Industries Policy Changes Since 1991 Globalisation of Financial Markets Problems of Globalisation Efforts Required for Globalisation Let Us Sum Up Key Words Some Useful Books Answers/Hints to Check Your Progress Exercises 27.0 OBJECTIVES As you go through this unit, you will come to understand and appreciate the implications involved in globalisation of Indian economy. This unit is expected to help you answer the following: l l l l l l Is globalisation a reality and has India been able to adopt this; Examine the implications involved in the process of globalisation; Analyse the impact of globalisation on Indian economy; How do different sectors prepare to face the challenge of globalisation; What policy measures need to be followed for globalisation of Indian economy; and What conditions are required to have the best possible results? 27.1 INTRODUCTION In recent years there is no special phenomenon that attracts more attention in mass media and in the scientific public than globalisation. For nearly a decade the nation’s preoccupation has been with economic reforms. The enthusiasm and the excitement over ‘deregulation’, ‘liberalisation’ and ‘globalisation’ remain undiminished since the time the three buzzwords entered the scene. These terms are frequently used in any general discussion.The common person seldom understands the exact import of these terms but (s) he knows that they imply radical changes in life. The literate population surmises that liberalisation indicates a reduction of rigors in laws and procedures to permit more efficient conduct of business while globalisation stands for removal of protective barriers against free flow of trade, technology and investments among countries. It is also recognised  that the insularity and sheltered culture of industry and trade have to give place to a competitive environment, which would demand basic adjustments by the population, be they manufacturers, traders, workers or consumers. How this change is to be managed with the least pain and with maximum benefit is the major concern. There have been innumerable seminars and workshops on the three related terms in general and globalisation in particular. However, the ideas and the basic vision behind the dominant policy choices made since 1991 have not been 28 explained in simple terms by those professing to understand the policy choices. Policy makers and seminar speakers often assume that the objectives of globalization are understood by all. They, therefore, dwell on the ways and means to achieve globalization. Globalisation of Indian Economy 27.2 GLOBALISATION AND ECONOMY Globalisation has some very clear features (K.L. Chugh, 1992). Globalisation puts an emphasis on consumer concern and encourages competition. It is co-operative venture, where organisations and people complement and supplement each other in the service of the consumer. It is for this reason, that one now sees the international trend to source raw material from one country, process it in another country and then market it worldwide. As a result, globalisation helps to synergies the roles of each country. Globalisation leads to quality assurance and it is as a guarantee of their quality that manufacturers brand their products. It means a borderless world where there is a free exchange of money, ideas and expertise, fostering partnerships and alliances to serve the consumer best. Globalisation relies on the quality of people. No initiatives, no innovation, no solutions are possible without outstanding people. The quality and training of people, their vision and their commitment, is the very foundation of globalisation. Globalisation is the reversal of business from a macro to a micro point of view. What matters is the contact and collaboration between individuals and  firms in various countries. Globalisation is complete decentralization of location. It will internationalise human resources and remove geographical boundaries. The policy of globalisation emphasises that export sector should form an important ingredient of the national macro-economic aggregates. When exports form an important economic aggregate, the industrial growth to a substantial extent becomes dependent upon the export sector. When industrial production is attached to the export sector, indirectly the other sectors of the economy specially banking and services sector are also integrated with the export sector. Finally, since exports are dependent on the GDP growth of the major trading partners, the domestic economy c annot grow at a rate much different from that in the world economies. 27.3 BENEFITS OF GLOBALISATION What are the benefits of globalisation? Some of the benefits are as follows: i) Improved resource allocation due to the presence of a competitive environment ii) Exposure to international economies would lead to the availability of better technology, inputs and intermediate goods iii) Transfer of know-how and economies of scale Thus, globalisation implies a regime of perfectly competitive markets with no entry or exist barriers. However, the onset of such an environment is not without fulfillment of certain preconditions on the part of the corporates – global vision and global capability. Global vision implies that the corporate should have the ability to analyse the dynamic competitive environment and should be able to develop superior strategies in a way, which is relevant to the new global opportunities, i.e., should have the vision of analysis and leadership.Global capability attributes, on the other hand, are reflected in the ability to amass and deploy productive human, technological and financial resources at the right time and at the right place. 27.4 GLOBALISATION AND INDIAN INDUSTRIES The road to globalised markets has only fast tracks. There is no lane earmarked 29 Economic Reforms in India for leisurely traffic. This is a primary factor to be understood. When the country opens up its markets and invites new investors and new technologies from abroad, proven suppliers can come in with their quality goods, technologies and services at competitive prices. There is thus an anxiety that globalisation would become a one-way traffic, with imports flooding the local market, and throwing the indigenous industry and workers into misery. However, given the fact that Indian industries have absorbed modern technologies and some quality standards over the past five decades, they have the requisite strength and resilience to face the immediate challenges of globalisation. What is needed is strategic planning to fully tap the existing strengths and meet the initial pressures. In any case, the question today is not whether globalisation is inevitable, but how to tailor the method to fit each business when it embarks on globalization. One must turn the spotlight on the information imper atives for global competitiveness. Indian industry and business need to be on top of the corpus of information on a whole range of subjects such as product preferences, technology choices, price trends, rivals’ strengths and weaknesses, and investment sources. Without such mastery, no business enterprise can successfully aspire to a razorsharp competitive edge, which alone can assure it a recognizable market presence, let alone an unshakable market dominance. Inevitably, companies have to spruce up all aspects of operations, in terms of technology and design, material procurement, manufacturing processes, quality levels, finance techniques and dynamics of marketing for export promotion taking fair advantage of the liberalised environment provided by the government. Effective managerial information and control systems are essential for improving in house efficiencies and for quick assessment of the external market opportunities. Timely decisions and responses from delivery dates, assured quality norms, pro-customer policies and above all, a goal orientation, are needed to succeed in global pursuits. Productivity has to improve in all areas of management and the entire work force should wake up to the new realities through meaningful counsel ling and HRD techniques. A new sense of urgency to scale higher targets needs to be created in each employee and executive. Reduction in prices based on cost  control and waste elimination could bring in more orders and larger profits on enhanced turnovers. This is how countries like Japan emerged world market leaders. Competition has been the driving force for progress. A thorough reshaping of attitudes and redesign of work methods is imperative to bring in a totally new culture of activity and achievement. Each manager and supervisor has to lead by example, rather than by precepts, to prove that every new target can be achieved. Recognitions and rewards for meritorious performance in all cadres should serve as an incentive for better productivity. Policies of trade and investment liberalisation have a crucial role to play in providing an outward orientation, which will impose external audit on the domestic cost structure. Marketing strategies will have to be evolved which should take account of the global economic restructuring that is going on in the world today. Marketing strategies suited to every target country relative to its tradition and culture should be evolved and modified from time to time for achieving results. Flexibility and effective local liaison should form the core of the strategies. It is in this context the following three points are important: i) Making India the premier production centre of the world. In several sectors, particularly in agro-based industries, India has the skills and the investments, which make it the lowest cost producer in the world. These investments can easily obtain a share of the world market and all that is required is to develop alliances with partners overseas and support it with a national policy for each sector. 30 ii) Indian corporations to go into world markets and to become India’s â€Å"multi-nationals abroad, with markets, and later, production centres spread across the globe. Here again, India has a natural advantage in certain sectors such as the knowledge-led services and wide range of agricultural, industrial and fashion products. iii) Attracting foreign investments to make India their home base for their world markets. India has amongst the world’s largest trained manpower, including farmer and scientists, engineers and professionals, entrepreneurs and skilled workers. The cost of people is much lower in India than in the developed world and provides a significant competitive advantage to India. The introduction of full convertibility of  rupee on current account will greatly accelerate not just foreign investments in India, but also the export-import trade. If India succeeds in attracting foreign investment, particularly in the area of infrastructure, then it would be possible for the government to re-invest into the rural sector. This will have its own beneficial impact on the total economy, as India’s prosperity is entirely dependent on the rural, farm economy. This will help to usher in a second green revolution in the country. To successfully participate in the world economy, India needs to build strategic alliances – not just between trading blocks, but between corporations; and not just between foreign partners and India but partnership within Indian industry itself. Check Your Progress 1 1) What do you mean by globalisation? †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2) What is the implication of globalisation for an economy? †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3) Highlight the implications of globalization for Indian industry? †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Globalisation of Indian Economy 27.5 POLICY CHANGES SINCE JULY 1991 Globalisation presupposes two things — political will at the macro level which is reflected in various policies pursued by the government and corporate will at the micro level which is established by the existence of a global vision and capability. The government has moulded its policies. In this regard, one can take a look at the following policy changes: 31 Economic Reforms in India i) A two stage devaluation of the rupee by about twenty percent in July, 1991 in an attempt to align the exchange rates with the world exchange rates and provide additional incentives to the exporters to offset some of the disincentives arising out of the import barriers. ii) Introduction of a system of partial convertibility of the rupee under the liberalised exchange rate management system (LERMS) and then allowing full convertibility of rupee on current account. iii) Foreign direct investment (FDI) has been liberalised and now the foreign investors are allowed to participate upto 51 per cent, 74 per cent, and even 100 per cent of the equity of select industrial sectors. iv) The list of products requiring import license has been pruned which shows that physical controls are given way to fiscal controls (all quantitative restrictions are removed by April 1, 2001) v) Import duties have been reduced. vi) Import of capital goods has been allowed without any specific licence if the payment for the imported capital goods is made out of foreign exchange received for the purpose of equity participation. vii) Decentralization of several items has taken place and those items, which were initially under the purview of government agencies, are now being opened to private companies. viii) Foreign institutional investors (FIIs) are given permission to invest in the Indian capital market. In fact, SEBI has already recognised several FIIs for this purpose and they have started making investments also. ix) Guidelines have  been issued for the floating of Euro issues by the Indian companies. x) A major step towards globalisation has been to amend the Foreign Exchange Regulation Act, 1973 (FERA), which substantially dilutes its regulatory provisions to bring it in line with the new liberalised industrial, trade and exchange rate policies. The Act has removed a large number of restrictions on companies with more than 40 per cent non-resident equity and removed FERA controls on Indian firms setting up joint ventures abroad. The amendment also incorporates into law all the changes, which have so far been made by issue of notification by the RBI or the central government. These changes pertain to facilities extended to FERA companies on the appointment of technical and management advisors, opening of branches, acquisition of immovable property by FERA companies in India, borrowing of money or acceptance of deposits by them etc. Also, in an effort to rationalise the Act, about a dozen sections of FERA, 1973 were deleted as these had lost relevance over time. (As a matter of fact FERA 1973 itself is repealed and in its place a new liberalised legislation has been enacted which is known as â€Å"Foreign Exchange Management Act (FEMA†). xi) Guidelines have been specified for setting up of Indian Joint Ventures Abroad (IJVA), which would enable 90 per cent of the proposals to be covered through the automatic approval route. The main objective here is to liberalize Indian equity investment in joint ventures and wholly owned subsidiaries abroad as well as to simplify the procedures for investment abroad by the Indian parties. xii) Automatic permission is given for foreign technology agreements upto certain ceilings covering the high priority industries. 32 xiii) Foreign technicians can now be hired by Indian companies without prior approval of RBI if certain conditions are met. xiv) The foreign investment promotion board (FIPB) has been instituted to facilitate and promote foreign investment. These measures establish the fact that the government is indeed serious to help the industry globalize. The industry, on its part, is becoming more and more receptive to these structural reforms. The industry has responded by opting for industrial tieup as a threshold to building a global strategic presence. Thus, there is a wave of multinational  corporations (Macs) entering the Indian market and Indian businessmen too are fast setting up shop on the foreign shores. To survive the threat of global competition, Indian companies have no choice other than to restructure their business. The way to tackle this would be to understand the need for change (the way?), the paradigm shift required (the what?), the implementation process (the how?), and prioritisation of the problems awaiting solutions (what is next?). Globalisation of Indian Economy 27.6 GLOBALISATION OF FINANCIAL MARKETS India has been making use of the international financial markets. Exchange rate and interest rate movements now constitute the key variables. The volatility of exchange rates has turned out to be both a proximate cause and effect of capital movements. This in turn has made them autonomous variables not directly related to movements in the real sectors of the economies concerned. Another aspect of the vulnerability results from the quick transmission of impulses generated in one leading market to others. Today, financial markets are global in scope; where the distinction between money and other financial assets is not so clear cut and indeed there is continuum of liquidity; where the line of distinction between financial intermediation by the banking system and other non-bank intermediation is also getting blurred; and as a corollary of this where financial institutions themselves are losing their specialist character. Their wide geographical coverage is matched by wide functional activity against the background of increasingly intense competition.This has meant better opportunities both for the players in the international financial markets and those that transact business with them. Never have the world financial markets been so integrated and offered so wide a variety of services. India is affected by trends in capital movements, exchange rates and interest rates. A more liberal domestic financial sector would be better able to interact with international financial markets. India has only been reacting to events abroad, i.e., India remains ‘events takers’ rather than ‘events makers’, but even so, there is need for providing for a measure of structured rather than ad hoc response to external events. This is also a matter of determining the  rational sequencing pattern of increasing its markets’ linkages with the international markets. A cautious and step-by-step approach in terms of a well thought out framework of such linkages is called for. While Indian financial institutions and business should gradually and in a structured way get into the operations of the international financial markets, globalisation of the Indian financial sector is indispensable if it has to become efficient, vibrant and truly competitive in the years to come. The process of globalisation involves two distinct challenges: (i) technological upgradation through computeriation, and (ii) establishing and forging links with international financial markets. The Indian financial sector has been a late starter in mechanizing and computerising its operations. Regrettably, introduction of new technology is rather slow. What is even worse, the installed hardware does not 33 Economic Reforms in India seem to have been utilised to its full potential. This unfortunate state of affairs must end. The Narasimham Committee has endorsed the view of the Rangarajan Committee on computerisation. At the economic policy level, the issue of forging links with the international financial markets is closely intertwined with interest rate deregulation and convertibility of the Indian rupee. 27.7 PROBLEMS OF GLOBALISATION An outward looking or globalisation policy carries a price, as it demands certain constraints on the formulation of national policies. These constraints are: i) The international economic environment has qualitatively changed. When the industrialised countries are subjected to economic fluctuations, the dependent developing countries will have to bear these economic shocks. ii) There is a relationship on the one hand between investment made for exportoutput and income generated via the multiplier, and on the other hand  between income generated and imports via propensity to import. This problem stems from the fact that income multiplier effect in a developing economy is higher than in a developed economy due to a higher marginal propensity to consume. Consequently, demand generated is also relatively higher in the developing economies than in the developed economies. This rise in demand, under certain given conditions, will push up the domestic price level and if marginal propensity to import does not recede, it will further lead to higher imports to the extent that proportionate rise in imports may exceed proportionate rise in exports and thus the trade balance is shaken. iii) The formation of a trade block in North America that has given rise to free trade between the US and Canada has created a new situation. With this, cartel like conditions will prevail on the demand side in these markets whereas competition amongst the suppliers, intra-country and inter-country, will continue. It is in these changed market conditions that India has to adjust itself. Thus, not to speak of pushing up its share, even survival will prove a gigantic task for India. In view of this, a better course for India will be not to rely too much on an export-led growth under the existing world scenario. In this market oriented world there is no godfather who may come to India’s rescue without asking for its pound for flesh.Globalisation is perhaps irreversible. Success comes to those who learn to live dangerously. At best one can moderate the pace of globalisation. But globaliation is a conditional boon. One must put one’s own house in order or at least mismanage it much less to get the boon working. India’s options are limited. One of them is to let the rupee fall freely. If the rupee depreciates, then the expectations of capping prices through imports would also be punctured. The existing framework of global governance is weak, ad hoc and unpredictable, with international economic decision-making dispersed over numerous institutions, which are mostly dominated by the rich countries. Continued inhospitable international economic environment will frustrate the developing countries’ determined efforts to end stagnation through liberalisation, market-oriented reforms and outward-looking policies. Denial of access to markets, debt burden, inequities in global monetary, financial and trade systems, barriers to transfer of technology, dwindling flows of concessional resources, reluctance of foreign direct investment to flow to developing countries are  making quantum jump from stagnation to sustained growth almost impossible. 34 Domestically, there are several problems and issues, which act as hurdle towards global integration. These are : (i) gross inequalities in income, (ii) poor infrastructure, (iii) lack of research facilities, and (iv) the problem of bureaucratic set up. According to Professor, P.R. Brahmananda (1993) the economies are being asked to perform functions assigned to market systems without the requisite infrastructures in storage houses, communication framework, trading establishments, organised stock exchanges, future markets, banking and financial institutions with branches, employment exchanges, commercial news-papers, advertisement media etc. Thus, the transformation of the market has been sought to be achieved in a vacuum. Private property in land, capital and financial assets etc., has yet to be established universally. The information basis for a market economy is virtually absent. The state is simply divesting itself of its functions without compensating new institutional arrangements. Capitalism cannot be established without capitalist institutions and a legal framework. Consequently, the transaction costs in the transitional processes have risen enormously, and great profits are being made by informal financial trading and information intermediaries. Consequently, the underlying basis for elastic supply schedules in various relative production lines has not come to exist. The institutions such as IMF, World Bank and WTO are emerging as the watchdogs and monitors of developing countries on behalf of the developed. The loans are sources of additional demand for the products of the developed. The pressures on the movin g down of exchange rates of the borrowing countries will be stronger. Further, there will be strong pressures to make the developing countries bring down the import duties and to free domestic markets. Internationally, the point of worry is that major economies of the world are going through a major recessionary phase and are increasingly turning inwards in an effort to balance their domestic and international priorities. Thus, even they continue to preach the articles of globalisation and opening up to the world, they themselves are forming closed trading blocs, NAFTA, Paciffic Basic Trade Bloc, being a few such examples. Thus, there are both, opportunities and hurdles in the entire process. Whereas the domestic ones can be overcome by the necessary reforms,  the trade policies and structural movements towards opening up may be slowed down by the protectionist polices of the industrial countries. According to Uncial’s Trade and Development Report (TDR) 1997, the invisible hand (market) now operates globally and with fewer countervailing press ures. It has sounded out a wake-up warning to countries that their faith in markets and economic openness could be overwhelmed by political events, since evidence is mounting that slow growth and rising inequalities are becoming more permanent features of the global economy. The policy efforts of developing world should be accompanied by an accommodating global milieu. But, among the asymmetrie of globalisation is the fact that liberalization of the world economy has proceeded so far in a lop-sided way that tends to prejudice the growth prospects of developing countries by discriminating against areas in which they could achieve comparative advantage. Thus, liberalisation of trade in goods has proceeded more slowly in those sectors where developing countries are more competitive. Major trading blocs continue to protect their agricultural sector. New forms of protection against exports of manufactures from the South are being sought as a remedy for labour market problems in the North. While many curbs have been lifted on the freedom of capital and skilled labour to move where it is Globalisation of Indian Economy 35 Economic Reforms in India best rewarded, no attention has been paid to abolishing many restrictions on the freedom of movement of unskilled labour. Ultimately global efforts to help developing countries could still come to nothing if the slowdown in economic growth in the North is not reversed. For a return to faster growth, the policy of full employment is not only a pre-requisite for resolving the twin evils of high unemployment and increasing wage inequality in the North, but is also essential for defusing the threat of a population backlash against globalisation, which might put the gains of global economic integration at risk. Check Your Progress 2 1) Highlight the implications of globalisations for Indian financial markets. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2) Mention three problems associated with globalisation. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 27.8 EFFORTS REQUIRED FOR GLOBALISATION While globalisation has arrived in the world, most organisations are still not ready for it. Yet, there is little doubt that to be viable during the next century, all organisations whether domestic or international, will need to become more global in their outlook, if not in their operations. The global organisation is a consequence to several new and sophisticated forces that have come to shape the world economy over the last decade. These are: (i) aggressive and massive financial accumulation and relatively free-flowing resource turner; (ii) well-defined and efficient communication channels; (iii) information transfer and control systems; (iv) technology development and application that seek both leading edge and low-cost product creation and production and clear recognition of the potential for mass markets, mass customisation, and (v) global trends. A joint industry-government working group set up by the Ministry of Commerce has recommended that the country should undertake corporate sector type advertising campaign in major international markets in order to improve the international image of Indian industry and goods and services. It suggested a two-step promotional strategy, beginning with a focus on image building for the country as a whole to combat its adverse image, followed by specific campaigns aimed at generating trade and investment flows. The expansion of  international trade and the rapid growth of products and services out of India will be enormously assisted if the image of India is improved by a special, sustained and co-ordinated effort by government and industry working together. Many developing countries like India do not have strong reputations. It is therefore imperative to build credibility among a targeted group of buyers and investors. 36 In this context, twelve different promotional techniques used by other countries have been advocated by the working group. These are: (i) advertising in the general economic media, (ii) participation in trade fairs and exhibitions, (iii) advertising in sector specific media, (iv) trade missions to select countries, (v) general information seminars on trade and investment opportunities, (vi) direct mail campaigns, (vii) industry or sector-specific missions to select countries, (viii) sector-specific seminars, (ix) firm-specific research followed by sales presentations, (x) provision of trade and investment counselling services, (xi) speeding up the processing of applications, and (xii) provision of post-investment and post-trade services. Moreover, while a host of bodies such as the Ministries of commerce, external affairs and finance, and several chambers of commerce are involved, there are no national coordinated efforts. Therefore, promotional work should be entrusted to an agency owned and funded jointly by the government and industry. However, it should function outside the purview of normal civil service rules and practices, should perhaps be a registered society, and â€Å"should be run as a non-governmental, private sector organisation with a work culture different from government†. It may be emphasised that the organisation must be staffed by multi-disciplinary professionals, drawn not from the government but from the private sector. â€Å"Essentially, a small, compact, fast moving group of people, led by a dynamic leader with task of promoting India internationally. As the international orientation of the Indian economy and Indian industry increase, it becomes essential for Indian industry to take ca re of details. Sustained efforts over a period, therefore, become necessary to build credibility. With this as the objective Confederation of Indian Industries  (CII) has drawn up a list of â€Å"Do’s and Don’t† for Indian industry to assist companies to deal effectively in international trade. In justifying the structural reforms that are being introduced in the Indian economy, the advocates of these reforms have brought the question of competitiveness to the centre of the discussion. Their argument runs as follows: The Indian economy needs to be integrated to the world economy. Globalisation requires that the Indian producers be competitive in the global market. It is only through these reforms that they can acquire the competitiveness and, therefore, the reforms are essential prerequisites for successful globalisation. Globalisation has of late become an objective in itself. This is both dangerous and ludicrous. Globalisation should not be considered a goal in itself and that it was merely a means to the ultimate aim of improvement of the economy. This s imple objective needs reinforcement among the experts if the avoidable pitfalls of an economy in transition are to be avoided. Transition is a word that triggers both unease and heightened expectations. It is very important for us to cope with the unease if we are to satisfy the heightened expectations of nearly a billion people. The strengthening of the internal economy was a pre-requisite for a globalising economy. Given the ultimate aim of globlisation and given the pre-requisite for a globalising economy, the ultimate aim of improving the economy appears to be both the means and the end. This simplification without the use of expensive-sugarcoated words is the right approach to addressing the unease and the positive expectations. The theoretical elegance of globalisation has its own attraction. It may help India to find some partial explanations for success and failure by systematically analysing the ability of a small set of firms to manage change. But India needs practical and profitable applications that would be relevant to the large set of firms and individuals. It needs consistent policies that can help to upgrade India’s position in international competition in a s ubstantial and enduring way. Towards this, India needs to find out what it is good at so that it can better achieve the best possible. The process of finding out what India and its firms are good at is yet to Globalisation of Indian Economy 37 Economic Reforms in India be put into motion at the national level and all the talk about globlisation is at best wishful and premature. Globalisation requires both static efficiency and dynamic efficiency, more of the latter than the former, and India is at a stage when it is unsure of economy’s static efficiency. A nation that is unsure of static efficiency is least equipped to pay for the dynamic extra options that are essential to guarantee success. The power blackouts in the states are an example of unsure, unreliable static efficiencies. Check Your Progress 3 1) Mention five new forces that shape the world economy. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2) Mention a few promotional techniques that need be adopted by India. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 27.9 LET US SUM UP India ought to know what it is good at before embarking on what it needs to be good at in order to reduce the unease and sustain the expectations of a prosperous future. A prosperous future is predicted on the competitive  advantage of firms in all sectors of the economy. The basis of competitive advantage in many sectors and industries, each seemingly distinct, depends on a set of critical elements common to a range of sectors. The set would obviously include transportation facilities, trained labour, energy, education and health. This set is indisputably at the heart of the economy. Its static efficiency needs to be improved. This is a prerequisite for sustaining and expanding the technical possibility set. Globalization would then be a clinch. â€Å"Behind the cost of production of every commodity, there is a story. It may be a story of innovation, technical progress and modern labour process, or it may be one of sweated labour, primitive labour process and pollution. By putting a price sticker on all commodities, the market suppresses these stories, and thus hides more than it reveals. It is like one of those dark nights in which all horses appear gray. No country today can live behind closed doors. Third world countries therefore must globalise. But while attuning the economy to the needs of the global market, it should be kept in mind that globalization does not generate the process of development, it is the latter that leads to, and in turn is reinforced by, successful globalisation. Unless the process of development which is basically a highly localised process – successfully triggered off, globalisation may lead to the classification of the structure of underdevelopment, instead of causing its dissolution† (Kalyan K. Sanyal, 1993). 38 It is interesting to note that the Nobel Laureate Professor Amartya Sen support  removal of government control over industry and commerce and even endorses globalisation provided welfare is not ignored. He admits unhesitatingly that with the initiation of the right kind of policies, globalisation would secure more prosperity. Globalisation of Indian Economy 27.10 KEY WORDS Backwash Effects: These operate where the economic growth in one region of an  economy has adverse effects on the growth of other regions. Common Market: An area, usually combining a number of countries, in which all can trade on equal terms. Exchange Rate: The rate at which one currency may be exchanged for another. Financial Capital: The liquid as opposed to physical assets of a company. Public Utility: Essential good or service like power, gas, transport etc. A company or enterprise, which is the sole supplier of some of these essential goods or services and is, in consequence, subject to some form of government control. Trade Blocs: Association of group of countries for safeguarding their interest visà  -vis other non-member countries, like European Union (EU) and North America Free Trade Agreement (NAFTA), ASEAN, APEC etc., are some of the example of such trading blocs. Members of these trading blocs have eliminated all barriers to trade amongst member countries. The 15 members of EU have created a single internal market. 27.11 SOME USEFUL BOOKS Bhalla, G.S. (1995): Globalisation and Farm Policy (Presidential Address delivered at the 54th Annual Conference of the Indian Association of Agricultural Economics at Kolhapur) Business Line, January 12-27. Brahmananda, P.R. (1993): Global Economy, Plea for Realistic Scenario, Financial Express, December 30 & 31, January 1, 1993. Chandra, Nirmal Kumar (1995): China’s Tryst with Globalisation, Economic & Political Weekly Jan.28. Chugh K.L. (1992): The Role of Corporation in the New India, speech at the 81st Annual General Body Meeting of ITC Ltd., Observer of Business and Politics, August 10. Dhingra, I.C. (2000): The Indian Economy : Environment and Policy, Sultan Chand & Sons, New Delhi. Kumar, T. Krishna (1996): Management of Development in the Newly Emerging Global Economic Environment, Economic and Political Weekly, June 22. Malhotra, R.N. (1989): Globalisation of the International Economy and its Implications for Developing Countries in Asia, Reserve Bank of India Bullet in, October. Narasimham. M. (1989): Globalisation of Financial Markets in India, Exim Bank Commencement Day Annual Lecture 1989, Mumbai. 39 Palkhiwala, Nani A (1995): Making Indian Industry Globally Competitive, Forum of Free Enterprise, Mumbai, May-June.