Globalization, Privatization and Free Market Economy

By C. P. Rao | Go to book overview

CHAPTER 4
Globalization, Economic
Development and Ecology:
A Critical Examination

SUBHABRATA BANERJEE

Globalization is fast becoming one of the buzzwords of the 1990s. Advances in telecommunications and information technology as well as the increased permeability of national boundaries have contributed to the ever-increasing pace of globalization. The literature in marketing and other business disciplines has focused mainly on the economic dimension of globalization. This chapter discusses various dimensions of globalization, its relationship with economic development, and its ecological consequences. The chapter critically examines the emergence of a "new environmental paradigm" and discusses the implications of globalization for Third World countries.


INTRODUCTION

The last few years have seen tumultuous changes in the social and political arena of the globe. Formerly restricted markets have now eagerly embraced the principles of market economies, and the focus of many corporations has shifted to these emerging markets. As transnational corporations and the "developed" countries scramble for a foothold in the huge Chinese and other Asian markets, it appears that the center stage for world trade has shifted to the Asia-Pacific theater. Rapid advances in information technology, increased competition in global markets and the increased permeability of national boundaries have all contributed to the ever-increasing pace of globalization in virtually all business sectors. Terms like "global product," "global consumer," "global village," "global marketplace" and "global economy" are commonplace in the business press and academic journals.

While we can marvel at the phenomenon of a global consumer and a global product (a family in Boise, Idaho, watching the latest episode of "The Simp-

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