Globalization is the process of international integration arising from the interchange of world views, products, ideas and other aspects of culture. Depending on one's viewpoint, globalization can have several meanings.
For example, in India, nearly 38% of the population, or 380 million people, are poor. Even after more than fifty years of independence, more poor people live in India than in any other country. Poverty has also been a major problem for the Philippine Islands. In a country of 80 million people, it is estimated that over 60 percent live in poverty. Having a large population living below the poverty line is one port of entry for globalization. Also, since India and the Philippine Islands have high levels of education and English literacy, communication and integration have become easier.
In India, one major change due to globalization is employment, particularly employment for woman. The new employment opportunities gave a greater sense of self-worth to many Indian woman.
In addition, the population of 25 years of age and younger are earning salaries of 300 U.S. dollars per month, the most in generations, which is enough to support themselves and their extended families. (Lalima Singh, 2013)
The dawn of globalization in India occurred in July of 1991, as India found itself in a financial crisis which was caused by unprecedented lows in their foreign exchange reserves. Sensing that there were no other options, India decided to open up its economy. They devalued their currency, removed subsidies on several items, privatized parts of the public sector, invited foreign competition, and removed trade barriers. In the subsequent ten years, globalization and liberalization in India continued unabated.
The results were, on one hand, amazing. The value of India's foreign exchange reserves grew by 100 billion dollars. However, there is another side of the coin...