IMPACT OF GLOBALIZATION

Home Equity Line of Credit

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Paying behind the initial credit 1 a house, in totaling to resp1sibility improvement adds to the impartiality in a dwelling. Justness is the cost 1 a domicile that an individual own complete. This is cash that can be 1 loan by the property holder 4 a mixed bag of use. How does the depository outline the quantity that can be 1 loan, & what kinds of loans are obtainable. A home is an good-looking alternative 4 a lot of people due to the in4mati1 that the mortgage has a little c1cern fee, & outst&ing to the strain improvement do something of nineteen eighty six, the attenti1 is tax deductible.

A home evenh&edness loan is wealth that can be damaged 4 now 1 substance which. House enhancement, instructi1, arrears c1solidati1, purchase big-ticket substance, or 4 un4eseen big everyday expenditure such as health check bill. This currency can as well be used 4 paying rotten an obtainable finance. There are two unusual traditi1s to take delivery of a residence even & redness loan. The first is the normal present an important person a press 4ward of, which is a commonplace praise want spending magazine 1 the major & interest 1 the amount. The pay hush money to 4 this loan can vary from five to fifteen being, facial appearance a fixed concentration rate, & use the dwelling as guarantee. The sec1d nature of home evenhandedness loan is the residence justness stroke of acknowledgment. This credit is a spinning recognition give somebody a advance of that allow borrow next to the line of acknowledgment. The home serve as security, & the praise streak facial appearance a erratic importance speed base 1 the most important rate.

The tribute line is unlock 4 ten living, with concentration 1ly expenditure 4 the 1^st 5 years, & one percent of the sense of balance 4 being six from side to side ten. After this time phase, the loan c1verts to a 15-year pay hush money to. So how does an important person get a general thought of the quantity of justice that is presented in his or her residence? The easiest way is to take the probable price of the home & reproduce it by 80 present. Get this full amount & take from the total amount of the primary finance sense of balance, & this gives the quantity that can be on loan 1 a home equity loan. The smallest amount loan is $7500 & not more then 50000$. What are the c1siderati1s that 1 needs to look at be4e decide pardon? kind of home fairness loan a pers1 would require. Is the cash needed in one-m1th protuberance addition, or would expenses occupation? be supposed to the expenditure stay following the equivalent, or is anecdotal expenses per m1th ok? How so1 is the wealth compulsory & how l1g wants to be known to forfeit it off? How a great deal is a com4table m1thly imbursement? Home impartiality loan R a great deal 4 nation needing to refashion their abode, pay 4 educati1, construct big purchase, or haling great bills. Shopping approximately 4 the best duty & charge is at all times a first-class idea & research to formulate sure the lender is of good reputation is advice.

Labor Issues

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Labor Issues Warning on Privation: Labor Issues Warning on Privation In 2003, the World Bank called for the disposal of some 220 publicly owned enterprises in the paper, food, and textile sectors in order to free up state funds for socioeconomic development and poverty alleviation. Meanwhile, the IMF pledged some $500 million in aid over the next three years to help the government implement a state divestiture program that targets some 100 companies for sale by 2005. In mid-September 2003, 11 unions organized a one-day nationwide stoppage to protest the government’s privatization plans.

If fully implemented, the program could result in the loss of as many as 150,000 jobs, and it is this prospect that prompted action by the unions. However, the finance ministry contends that inefficient state-owned enterprises cost the government more than $500 million each year, and the government appears to be committed to moving forward with privatization.

How can the process of restructuring and privatisation be better managed in order to minimize the social and economic costs to workers and the economy as a whole? What can be done to assist SOE workers for whom job alternatives are few and social security is inadequate? In what way could labour management relations become a positive factor for more socially responsive restructuring? There are enterprises that have undertaken steps to improve industrial relations and consultations between employers-management and workers; these could be the basis for more pro-active ways of managing the social and labour issues of restructuring and privatization.

Good Governance

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Dhaka Time

Politics should be taken in normative, creative and problem solving terms. There is a necessity to overhaul the rules and processes by which the government conducts its policy and decision making functions. Government will have to maintain an honest, efficient, committed and professional public service, which enhances the accountability and responsiveness of public agencies to citizens. Along with liberalization, government should maintain a certain balance between foreign investment and state regulation to maintain its influence for national capability building6 To minimize corruption, transparency in public bodies and political parties is essential. Separation of the judiciary from the executive arm of government is absolutely necessary to sustain the rule of law. All of the information is truth.

Textile in BANGLADESH

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Textile and Clothing Industry in BANGLADESH:

Textiles and clothing industry together account for more than 76 per cent of the country’s total export earnings as can be seen from figure 3.

Figure 3. Export Sector Performance of BANGLADESH (2001-02)

Source: Ali Md Hossain, BANGLADESH Country Paper on RMG Industry of BANGLADESH, 10.

The exports are destined mostly for the United States of America (USA) and European Union markets, to which up to recent time BANGLADESH had privileged access by the Multi Fibered Agreement (MFA) and Generalized System of Preferences (GSP). This private sector of BANGLADESH is now facing challenges that need to overcome to maintain growth. The Textile and Clothing industry is encountering challenges from mainly two areas as described subsequently.

MFA is in the process of phasing out since 2004. After it is completely phased out, BANGLADESH is likely to face greater competition in the world market from other garment exporting countries. Now, raw cotton producing and self-sufficient backward linkage countries will compel BANGLADESH to compete on a more level playing field. For BANGLADESH, the abolition of MFA has far reaching implications in terms of loss of jobs and reduction in foreign exchange earnings in the Ready Made Garments (RMG) sector. The jobs and working conditions of the RMG and textile workers are most likely to worsen due to competitive pressures arising from other countries participating in globalization. This pressure may force the entrepreneurs to cut costs in the form of either lower wages or retrenchment of workers. Thus, not only worker’s employment will be at stake but also the working conditions are not expected to improve38. Weak market strategy, absence of backward linkage industries, lack of FDI and incoherent infrastructural facilities have further contributed concern over the future of the RMG industry. The cost of business is also increasing primarily due to port problems, bureaucratic tangles in custom department and no improvement in lead-time. In contrast, an increasing number of countries are offering low-cost products. Competing countries like Vietnam, China, and Thailand are entering the global market with products that BANGLADESH is exporting and as a result intensifying competition and dipping prices.

United States Trade Development Act (USTDA) 2000

Enactments of USTDA 2000 will also challenge the RMG sector. The USTDA 2000 provides duty and quota-free access to 48 countries of Africa and 24 countries of the Caribbean Basin for exporting textile and apparel products to the USA market. The Caribbean Basin countries are BANGLADESH’s direct competitors in the USA apparel market. USTDA 2000 is expected to cause trade diversion from BANGLADESH in favour of Caribbean Basin Initiative (CBI) countries. The value per Square Meter Equivalent (SME) of apparel exports to the USA from BANGLADESH already have the lowest value compared to three other major exporter as can be seen from figure 4. It has been estimated that BANGLADESHi manufacturers will need to reduce production costs by some 15-20 per cent in order to overcome their tariff disadvantage relative to CBI countries. Further lowering of prices is likely to have a telling effect on the RMG industry. Thus, although the garment industry does lead BANGLADESH to steady economic growth but it requires being flexible and adaptive to continue to do so.

Figure 4. Value per SME for Selected CBI Countries and BANGLADESH to United States

Source: Azim M Tahlin and Nasir Uddin, “Challenges for Garments Sector in BANGLADESH After 2004: Avenues for Survival and Growth,” BANGLADESH Institute of International and Strategic Studies Journal 24, no. l (January 2003): 64.

Trade Policy of BAN-

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Trade Policy of BANGLADESH
BANGLADESH joined the WTO in 1995 to avail the advantages of an open and liberal trading system. In BANGLADESH, the trade liberalization process started in the mid 1980s. Export diversification and import liberalization received the highest priority in early years. Towards the end of the 1980s, import liberalization leapt forward. The government took a number of bold steps, which include liberalization of the trade and foreign investment, strengthening the financial sectors, closing and privatizing some loss-making State-Owned Enterprises (SOE) and taking steps to improve governance.

In the 1990s, the liberalization process was accelerated by progressive reduction of tariff and non-tariff barriers. A major thrust of change in early 1990s was the substitution of the multiple-rate sales tax by a 15 per cent Value Added Tax (VAT). In addition to the dismantling of non-tariff restrictions, there had also been a drastic cut in nominal protection rates over the years. Figure 1 and 2 shows the reduction in tariff barriers as a result of the liberalization process.Figure 1. Trends in Reduction of Customs Duty Rate
Source: World Trade Organization, Trade Policy Review: BANGLADESH, May 2000, 11.

Figure 2. Trends in Reduction of Number of Tariff Rates
Source: World Trade Organization, Trade Policy Review: BANGLADESH, May 2000, 10.
The customs tariff is the main instrument of BANGLADESH's trade policy. It is also the government's principal source of revenue, accounting for nearly one third of total taxes. BANGLADESH has made considerable efforts to simplify and rationalize the tariff structure by reducing the number of tariff bands from 15 in 1992/93 to 5 in 1999/2000, and lowering the maximum tariff rate from 300 to 37.5 per cent during the same period. Direct subsidies are provided to exporters of textiles and clothing, and were recently extended to exporters of some other products. BANGLADESH has further opened up many of the state-dominated sectors to private investment such as telecommunications, power generation, and transport. In an effort to encourage investment, the government offers a wide range of open-ended tax incentives, notably tax holidays and accelerated depreciation.

Globalization in ASHIA

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(Impact of Globalization in ASHIA)

Removing Restrictions on Foreign Investment in ASHIA

Understanding the concept that development comes from increasing resources and more efficient utilization of on hand resources is essential to understanding that, short of going to war, foreign direct investment is now the best way to obtain new resources. In this regard one of the largest problems in ASHIA is the underdeveloped infrastructure. This section will outline a few of the key areas that most extra-national, and many ASHIAi, corporations are interested in as a basic infrastructure to support efficient and effective business practices. Both information and logistic infrastructure of ASHIA will be analyzed to discern whether ASHIA has the requisite capacity to offer advantages to multinational enterprises bringing in foreign direct investment into country and creating greater economic growth potential. “Investors coming in ASHIA find a lot of difficulties in organizing their security and expenses. I mean investment in ASHIA looks good, but very difficult in practicing it. There are too many obstacles, especially, in obtaining telephone line, transportation and so on.” This remark by the Italian Ambassador in response to a press question asking how more Italian investment could be directed to ASHIA sets the tone for this passage. More than 1000 firms recently indicated that power (electricity), ports; telecommunications and business regulations constrain the investment climate. Clearly, the lines of communication within ASHIA need to improve to attract more globalization.

Information Infrastructure in ASHIA:

Information technology has produced significant changes in the interactions between nation-states and global markets. Globalization, or investment by foreign firms, can gain much in a networked ‘global village’ and global marketplace. The more ASHIA becomes networked the more advantages it can offer to external sources of funding. Potential for dramatic improvements in the communication of information, as well as the facilitation of faster and more effective communication opens up possibilities for ASHIAi businesses to connect with more moneyed sources outside the country and the opportunity to create partnerships with those firms. Indeed, globalization can provide many opportunities for new experiments and relationships. Present day technology makes globalization more feasible through increased electronic transactions and increased trade liberalization allows for greater social and economic stability.

Critics Argue that (G)Results

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Critics Argue that Globalization Results:

Poorer countries suffering disadvantages: While it is true that globalization encourages free trade among countries, there are also negative consequences because some countries try to save their national markets. The main export of poorer countries is usually agricultural goods. Larger countries often subsidies their farmers (like the EU Common Agricultural Policy), which lowers the market price for the poor farmer's crops compared to what it would be under free trade.

The exploitation of foreign impoverished workers: The deterioration of protections for weaker nations by stronger industrialized powers has resulted in the exploitation of the people in those nations to become cheap labor. Due to the lack of protections, companies from powerful industrialized nations are able to offer workers enough salary to entice them to endure extremely long hours and unsafe working conditions, though economists question if consenting workers in a competitive employers' market can be decried as "exploited". It is true that the workers are free to leave their jobs, but in many poorer countries, this would mean starvation for the worker, and possible even his/her family if their previous jobs were unavailable.

The shift to outsourcing: The low cost of offshore workers have enticed corporations to buy goods and services from foreign countries. The laid off manufacturing sector workers are forced into the service sector where wages and benefits are low, but turnover is high . This has contributed to the deterioration of the middle class which is a major factor in the increasing economic inequality in the United States. Families that were once part of the middle class are forced into lower positions by massive layoffs and outsourcing to another country. This also means that people in the lower class have a much harder time climbing out of poverty because of the absence of the middle class as a stepping stone.

Weak labor unions: The surplus in cheap labor coupled with an ever growing number of companies in transition has caused a weakening of labor unions in the United States. Unions lose their effectiveness when their membership begins to decline. As a result unions hold less power over corporations that are able to easily replace workers, often for lower wages, and have the option to not offer unionized jobs anymore.

An increase in exploitation of child labor: for example, a country that experiencing increases in labor demand because of globalization and an increase the demand for goods produced by children, will experience greater a demand for child labor. This can be "hazardous" or "exploitive", e.g., quarrying, salvage, cash cropping but also includes the trafficking of children, children in bondage or forced labor, prostitution, pornography and other illicit activities.

In December 2007, World Bank economist Branko Milanovic has called much previous empirical research on global poverty and inequality into question because, according to him, improved estimates of purchasing power parity indicate that developing countries are worse off than previously believed. Milanovic remarks that "literally hundreds of scholarly papers on convergence or divergence of countries’ incomes have been published in the last decade based on what we know now were faulty numbers." With the new data, possibly economists will revise calculations, and he also believed that there are considerable implications estimates of global inequality and poverty levels. Global inequality was estimated at around 65 Gini points, whereas the new numbers indicate global inequality to be at 70 on the Gini scale.

The critics of globalization typically emphasize that globalization is a process that is mediated according to corporate interests, and typically raise the possibility of alternative global institutions and policies, which they believe address the moral claims of poor and working classes throughout the globe, as well as environmental concerns in a more equitable way.

The movement is very broad, including church groups, national liberation factions, peasant unionists, intellectuals, artists, protectionists, anarchists, those in support of relocalization and others. Some are reformist, (arguing for a more moderate form of capitalism) while others are more revolutionary (arguing for what they believe is a more humane system than capitalism) and others are reactionary, believing globalization destroys national industry and jobs.

One of the key points made by critics of recent economic globalization is that income inequality, both between and within nations, is increasing as a result of these processes. One article from 2001 found that significantly, in 7 out of 8 metrics, income inequality has increased in the twenty years ending 2001. Also, "incomes in the lower deciles of world income distribution have probably fallen absolutely since the 1980s". Furthermore, the World Bank's figures on absolute poverty were challenged. The article was skeptical of the World Bank's claim that the number of people living on less than $1 a day has held steady at 1.2 billion from 1987 to 1998, because of biased methodology.

A chart that gave the inequality a very visible and comprehensible form, the so-called 'champagne glass' effect, was contained in the 1992 United Nations Development Program Report, which showed the distribution of global income to be very uneven, with the richest 20% of the world's population controlling 82.7% of the world's income.

Distribution of world GDP, 1989
Quintile of Population	Income
Richest 20%	82.7%
Second 20%	11.7%
Third 20%	2.3%
Fourth 20%	2.4%
Poorest 20%	0.2%

Source: United Nations Development Program. 1992 Human Development Report

Economic arguments by fair trade theorists claim that unrestricted free trade benefits those with more financial leverage (i.e. the rich) at the expense of the poor.

Americanization related to a period of high political American clout and of significant growth of America's shops, markets and object being brought into other countries. So globalization, a much more diversified phenomenon, relates to a multilateral political world and to the increase of objects, markets and so on into each others countries.

Critics of globalization talk of Westernization. A 2005 UNESCO report showed that cultural exchange is becoming more frequent from Eastern Asia but Western countries are still the main exporters of cultural goods. In 2002, China was the third largest exporter of cultural goods, after the UK and US. Between 1994 and 2002, both North America's and the European Union's shares of cultural exports declined, while Asia's cultural exports grew to surpass North America. Related factors are the fact that Asia's population and area are several times that of North America.

Some opponents of globalization see the phenomenon as the promotion of corporatist interests. They also claim that the increasing autonomy and strength of corporate entities shapes the political policy of countries.

DRUG TRADE

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DRUG AND GOODS TRADE:

The United Nations Office on Drugs and Crime (UNODC) issued a report that the global drug trade generates more than $320 billion a year in revenues. Worldwide, the UN estimates there are more than 50 million regular users of heroin, cocaine and synthetic drugs. The international trade of endangered species is second only to drug trafficking. Traditional Chinese medicine often incorporates ingredients from all parts of plants, the leaf, stem, flower, root, and also ingredients from animals and minerals. The use of parts of endangered species (such as seahorses, rhinoceros horns, saiga antelope horns, and tiger bones and claws) has created controversy and resulted in a black market of poachers who hunt restricted animals. In 2003, 29% of open sea fisheries were in a state of collapse.

NEGATIVE IMPACT

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THE NEGATIVE IMPACT OF GLOBALIZATION:
See also: Alter-globalization, Participatory economics, and Global Justice Movement

Globalization has been one of the most hotly debated topics in international economics over the past few years. Globalization has also generated significant international opposition over concerns that it has increased inequality and environmental degradation. In the Midwestern United States, globalization has eaten away at its competitive edge in industry and agriculture, lowering the quality of life in locations that lack the opportunity to adapt to the change.Sweatshops

A maquila in Mexico from its own soil, large corporations see an opportunity to take advantage of the "export It can be said that globalization is the door that opens up an otherwise resource-poor country to the international market. Where a country has little material or physical product harvested or mined economic globalization are recorded as being the expansion of businesses and corporate growth, in many poorer nations globalization is actually the result of the foreign businesses investing in the country to take advantage of the lower wage rate: even though investing, by increasing the Capital Stock of the country, increases their wage rate.poverty" of such a nation. Where the majority of the earliest occurrences of

Economic liberalization

The world today is so interconnected that the collapse of the subprime mortgage market in the U.S. has led to a global financial crisis and recession on a scale not seen since the Great Depression. Government deregulation and failed regulation of Wall Street's investment banks were important contributors to the subprime mortgage crisis.

A flood of consumer goods such as televisions, radios, bicycles, and textiles into the United States, Europe, and Japan has helped fuel the economic expansion of Asian tiger economies in recent decades. However, Chinese textile and clothing exports have recently encountered criticism from Europe, the United States and some African countries. In South Africa, some 300,000 textile workers have lost their jobs due to the influx of Chinese goods. The increasing U.S. trade deficit with China has cost 2.4 million American jobs between 2001 and 2008, according to a study by the Economic Policy Institute (EPI).^[ A total of 3.2 million – one in six U.S. factory jobs – have disappeared between 2000 and 2007.

Brain drain

Opportunities in richer countries drive talent away from poorer countries, leading to brain drains. Brain drain has cost the African continent over $4.1 billion in the employment of 150,000 expatriate professionals annually. Indian students going abroad for their higher studies costs India a foreign exchange outflow of $10 billion annually.

Environmental degradation

Burning forest in Brazil. The removal of forest to make way for cattle ranching was the leading cause of deforestation in the Brazilian Amazon from the mid 1960s. Recently, soybeans have become one of the most important contributors to deforestation in the Brazilian Amazon.

The World watch Institute said the booming economies of China and India are planetary powers that are shaping the global biosphere. In 2007, China overtook the United States as the world's biggest producer of CO₂. At present rates, tropical rainforests in Indonesia would be logged out in 10 years, Papua New Guinea in 13 to 16 years. A major source of deforestation is the logging industry, driven spectacularly by China and Japan. Thriving economies such as China and India are quickly becoming large oil consumers. China has seen oil consumption grow by 8% yearly since 2002, doubling from 1996–2006. Crude oil prices in the last several years have steadily risen from about $25 a barrel in August 2003 to over $140 a barrel in July 2008. State of the World 2006 report said the two countries' high economic growth hid a reality of severe pollution. The report states:

The world's ecological capacity is simply insufficient to satisfy the ambitions of China, India, Japan, Europe and the United States as well as the aspirations of the rest of the world in a sustainable way

Without more recycling, zinc could be used up by 2037, both indium and hafnium could run out by 2017, and terbium could be gone before 2012. It is said that if China and India were to consume as much resources per capita as United States or Japan in 2030 together they would require a full planet Earth to meet their needs. In the long-term these effects can lead to increased conflict over dwindling resources and in the worst case a Malthusian catastrophe.

Food security

The head of the International Food Policy Research Institute, stated in 2008 that the gradual change in diet among newly prosperous populations is the most important factor underpinning the rise in global food prices. From 1950 to 1984, as the Green Revolution transformed agriculture around the world, grain production increased by over 250%. The world population has grown by about 4 billion since the beginning of the Green Revolution and most believe that, without the Revolution, there would be greater famine and malnutrition than the UN presently documents (approximately 850 million people suffering from chronic malnutrition in 2005).

It is becoming increasingly difficult to maintain food security in a world beset by a confluence of "peak" phenomena, namely peak oil, peak water, peak phosphorus, peak grain and peak fish. Growing populations, falling energy sources and food shortages will create the "perfect storm" by 2030, according to the UK government chief scientist. He said food reserves are at a 50-year low but the world requires 50% more energy, food and water by 2030. The world will have to produce 70% more food by 2050 to feed a projected extra 2.3 billion people and as incomes rise, the United Nations' Food and Agriculture Organization (FAO) warned. Social scientists have warned of the possibility that global civilization is due for a period of contraction and economic re-localization, due to the decline in fossil fuels and resulting crisis in transportation and food production. One paper even suggested that the future might even bring about a restoration of sustainable local economic activities based on hunting and gathering, shifting horticulture, and pastoralist

Disease

Globalization, the flow of information, goods, capital and people across political and geographic boundaries, has also helped to spread some of the deadliest infectious diseases known to humans. Starting in Asia, the Black Death killed at least one-third of Europe's population in the 14th century.^] Even worse devastation was inflicted on the American super continent by Europe. For instance 90% of the populations of the civilizations of the "New World" such as the Aztec, Maya, and Inca were killed by small pox brought by European colonization. Modern modes of transportation allow more people and products to travel around the world at a faster pace, they also open the airways to the transcontinental movement of infectious disease vectors. One example of this occurring is AIDS/HIV. Approximately 1.1 million persons are living with HIV/AIDS in the United States, and AIDS remains the leading cause of death among African American women between ages 25 and 34. Due to immigration, approximately 500,000 people in the United States are believed to be infected with Chagas disease. In 2006, the tuberculosis (TB) rate among foreign-born persons in the United States was 9.5 times that of U.S.-born persons.

The positive impact of globalization

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Globalization has various aspects which affect the world in several different ways such as:

Industrial - emergence of worldwide production markets and broader access to a range of foreign products for consumers and companies. Particularly movement of material and goods between and within national boundaries. International trade in manufactured goods increased more than 100 times (from $95 billion to $12 trillion) in the 50 years since 1955. China's trade with Africa rose sevenfold during 2000-07 alone.

Financial - emergence of worldwide financial markets and better access to external financing for borrowers. By the early part of the 21st century more than $1.5 trillion in national currencies were traded daily to support the expanded levels of trade and investment. As these worldwide structures grew more quickly than any transnational regulatory regime, the instability of the global financial infrastructure dramatically increased, as evidenced by the Financial crisis of 2007–2010.

Economic - realization of a global common market, based on the freedom of exchange of goods and capital. The interconnectedness of these markets, however, meant that an economic collapse in any one given country could not be contained.

Almost all notable worldwide IT companies are now present in India. Four Indians were among the world's top 10 richest in 2008, worth a combined $160 billion. In 2007, China had 415,000 millionaires and India 123,000.

Health Policy - On the global scale, health becomes a commodity. In developing nations under the demands of Structural Adjustment Programs, health systems are fragmented and privatized. Global health policy makers have shifted during the 1990s from United Nations players to financial institutions. The result of this power transition is an increase in privatization in the health sector. This privatization fragments health policy by crowding it with many players with many private interests. These fragmented policy players emphasize partnerships, specific interventions to combat specific problems (as opposed to comprehensive health strategies). Influenced by global trade and global economy, health policy is directed by technological advances and innovative medical trade. Global priorities, in this situation, are sometimes at odds with national priorities where increased health infrastructure and basic primary care are of more value to the public than privatized care for the wealthy.

Political - some use "globalization" to mean the creation of a world government which regulates the relationships among governments and guarantees the rights arising from social and economic globalization. Politically, the United States has enjoyed a position of power among the world powers, in part because of its strong and wealthy economy. With the influence of globalization and with the help of The United States’ own economy, the People's Republic of China has experienced some tremendous growth within the past decade. If China continues to grow at the rate projected by the trends, then it is very likely that in the next twenty years, there will be a major reallocation of power among the world leaders. China will have enough wealth, industry, and technology to rival the United States for the position of leading world power.

Informational - increase in information flows between geographically remote locations. Arguably this is a technological change with the advent of fibre optic communications, satellites, and increased availability of telephone and Internet.

Language - the most popular language is Mandarin (845 million speakers) followed by Spanish (329 million speakers) and English (328 million speakers).

· About 35% of the world's mail, telexes, and cables are in English.

· Approximately 40% of the world's radio programs are in English.

· About 50% of all Internet traffic uses English.

Competition - Survival in the new global business market calls for improved productivity and increased competition. Due to the market becoming worldwide, companies in various industries have to upgrade their products and use technology skillfully in order to face increased competition.

Ecological - the advent of global environmental challenges that might be solved with international cooperation, such as climate change, cross-boundary water and air pollution, over-fishing of the ocean, and the spread of invasive species. Since many factories are built in developing countries with less environmental regulation, globalism and free trade may increase pollution. On the other hand, economic development historically required a "dirty" industrial stage, and it is argued that developing countries should not, via regulation, be prohibited from increasing their standard of living.

Britain is a country of rich diversity. As of 2008, 40% of London's total population was from an ethnic minority group. The latest official figures show that in 2008, 590,000 people arrived to live in the UK whilst 427,000 left, meaning that net inward migration was 163,000.

Cultural - growth of cross-cultural contacts; advent of new categories of consciousness and identities which embodies cultural diffusion, the desire to increase one's standard of living and enjoy foreign products and ideas, adopt new technology and practices, and participate in a "world culture". Some bemoan the resulting consumerism and loss of languages. Also see Transformation of culture.

Spreading of multiculturalism, and better individual access to cultural diversity (e.g. through the export of Hollywood). Some consider such "imported" culture a danger, since it may supplant the local culture, causing reduction in diversity or even assimilation. Others consider multiculturalism to promote peace and understanding between people. A third position that gained popularity is the notion that multiculturalism to a new form of monoculture in which no distinctions exist and everyone just shift between various lifestyles in terms of music, cloth and other aspects once more firmly attached to a single culture. Thus not mere cultural assimilation as mentioned above but the obliteration of culture as we know it today.In reality, as it happens in countries like the United Kingdom, Canada, Australia or New Zealand, people who allways lived in their native countries maintain their cultures without feeling forced by any reason to accept another and are proud of it even when they're acceptive of immigrants, while people who are newly arrived simply keep their own culture or part of it despite some minimum ammount of assimilation, although aspects of their culture often become a curiosity and a daily aspect of the lives of the people of the welcoming countries.

· Greater international travel and tourism. WHO estimates that up to 500,000 people are on planes at any one time. In 2008, there were over 922 million international tourist arrivals, with a growth of 1.9% as compared to 2007.

· Greater immigration, including illegal immigration. The IOM estimates there are more than 200 million migrants around the world today. Newly available data show that remittance flows to developing countries reached $328 billion in 2008.

· Spread of local consumer products (e.g., food) to other countries (often adapted to their culture).

· Worldwide fads and pop culture such as Pokémon, Sudoku, Numa Numa, Origami, Idol series, YouTube, Orkut, Facebook, and MySpace. Accessible to those who have Internet or Television, leaving out a substantial segment of the Earth's population.

The construction of continental hotels is a major consequence of globalization process in affiliation with tourism and travel industry, Dariush Grand Hotel, Kish, Iran.

· Worldwide sporting events such as FIFA World Cup and the Olympic Games.

· Incorporation of multinational corporations into new media. As the sponsors of the All-Blacks rugby team, Adidas had created a parallel website with a downloadable interactive rugby game for its fans to play and compete.

Social - development of the system of non-governmental organisations as main agents of global public policy, including humanitarian aid and developmental efforts.

Technical

· Development of a Global Information System, global telecommunications infrastructure and greater transborder data flow, using such technologies as the Internet, communication satellites, submarine fiber optic cable, and wireless telephones

· Increase in the number of standards applied globally; e.g., copyright laws, patents and world trade agreements.

Legal/Ethical

· The creation of the international criminal court and international justice movements.

· Crime importation and raising awareness of global crime-fighting efforts and cooperation.

· The emergence of Global administrative law.

Religious

· The spread and increased interrelations of various religious groups, ideas, and practices and their ideas of the meanings and values of particular spaces.

Elements & Phenomenon

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Core Elements of Globalization

Basically, globalization rests on a tripod namely, the expansion of markets (economic), challenges to the state and institutions (political), and the rise of new social and political movements (cultural). Economically, technological changes and government deregulation have permitted the establishment of transnational network in production, trade, and finance creating what is referred to as a “borderless world.” The new production network describes firms and multinational enterprises (MNEs) who use advanced means of communications and new technologies to spread their activities across the globe.

The second element affects States. Political power and activities extend across the boundaries of nation- states while policy making on issues such as human rights, environmental degradation and nuclear safety have required global consensus. The third element of globalization affects more than markets and states. It is altering the lives of people across the globe. Fast dissemination of media, books, music, international ideas and values has produced a somewhat global culture.

Globalization Phenomenon Continues

Tom Friedman defines globalization as the dynamic integration of the world’s systems. Joseph Stiglitz, ex- World Bank Chief Economist and Clinton Administration advisor, terms it “the integration of the countries and peoples of the world … and the breaking down of artificial barriers to the flows of goods, services, capital, knowledge, and (to a lesser extent) people across borders.” Complementary to this, yet a bit more refined, is the explanation by Micklethwait and Wooldridge of The Economist, that globalization is based on freedom and is, “the freer movement of goods, services, ideas, and people around the world.” A recent United Nations panel on the impact of globalization “… confirmed that globalization was not just a phenomenon of the market place or financial transactions. It had also been spreading globally political paradigms, cultural patterns and social ideas. It has led to standardization of the world’s security systems. This way, globalization had been affecting the sovereignty of nation states and many of the established political, economic and social structures. Globalization is driven by both push-up and push-down trends.” Renato Ruggiero in his article, Next Steps in Strengthening the Global Trading System explains, ‘Globalization is not an option. It is a reality. Globalization is a high-speed train that is running very fast already. Anyone who believes that globalization can be stopped has to tell us how he would envisage stopping economic and technological progress. This is tantamount to trying to stop the rotation of the earth.’ Friedman in his book ‘Lexus and the olive tree’ compared globalization with a high-speed train, which cannot be slowed down to allow its intended passenger to board in. The only reason for this nonstop movement of the globalization train is because: it does not have anyone at its controls.

There are now two major points of view on the impact of globalization throughout the world. One talk in favor of the globalization while others opines against it. Those who favor globalization tend to use the macro analysis to support their arguments.

Problem Statement

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In today’s post-Cold War world, security covers numerous areas to include: religious-cultural, socio-economic, and politico-military concerns. Some of the positive aspects of the post-Cold War world are the increased economic integration of free markets, technologies, and even countries (as in the European Union). Some negative aspects include the idea that the security environment is enduring an “unstable peace” and a certain amount of chaos exists caused by a myriad of political instabilities and folks seeking to cause more destabilization.

Continuing global economic integration is clashing with global political violence. General causes of instabilities tend to be exploited by bad guys such as rogue states, insurgents, terrorists, political actors, drug traffickers, organized crime syndicates, militant fundamentalists, and many others with a cause and will to impose their self-determined desires to change a society, nation-state, or other perceived source of power, in an image that fits their ideology.
To ensure their survival nation-states like Bangladesh have to wield their power, through many different means; some states, obviously, are more capable having more means than others. Determining how best to wield powers of state and against whom to wield power is one of the main tenets of security policy. Leaders of states have to determine what are the interests of the state vis-à-vis the people it represents and take into consideration threats the state faces. With the security of the state, and hopefully more so the security of the people, being paramount, a brief survey of the types of threats confronting nation-states seems rather appropriate.
Threats to nation-states will most likely come from one or more of three types: internal (locally disaffected persons), external (hostile neighbors) or asymmetric (Weapon of Mass Destructions, Cyber/Infrastructure attacks, Drug traffickers, ultra-criminals, and terrorists). Threats Bangladesh is likely to face over the coming decades fit within this construct. Notable are: proliferation of drugs and arms, growth of organized crime, disenchanted minorities (ethnic and religious) resulting in insurgency, foreign intelligence services using Bangladesh to their advantage, insurgents from neighboring north-east India attempting to hide-out, and the rise of religious fundamentalism attempting to win power through revolution. Arrayed against Bangladesh are robust threats that should concern its leaders. Leaders should consider how these threats are more or less likely to arise, and how to combat or, even better; prevent these threats from becoming immediate dangers.

One main cause of concern currently being focused on throughout the world is the view that globalization is a security threat to the state and permits the proliferation of the threats stated above. It seems easy to just throw the woes of the world, all the security concerns at the feet of a newly contrived word--globalization. “At times, it reaches a level where all the ills of the country, including pollution and deforestation, even minority bashing and the sale of gas, are explained by finger pointing at the forces of globalization.” Essential to being able to blame this new word would be a tacit understanding of what is meant by it.

Bangladesh as a developing country is not immune to the challenges of globalization. In the era of globalization, she is confronted with threats emanating from both external and internal sources. Under the impact of globalization, development and economic security perception in Bangladesh has undergone some perceptible changes over the past few years. Bangladesh faces vital challenges in terms of ecological integrity, financial stability, identity and social cohesion from national, regional and global levels. The country needs to protect her socio-economic, political and environmental interests to face the challenges in the era of globalization. There is a cogent need to broaden the scope for prosperity through the creation of a modern and efficient economy. The challenge before the country is how to attain this goal in an environment where major economic decisions affecting national life are often determined by the international market.

Economic globalization is a process of rapid economic integration between countries that is driven by the increasing liberalization of international trade and foreign direct investment. Liberalization of the economy in Bangladesh seemed an inevitable measure to meet the economic challenges of globalization. Whether it has derived benefits for the country or not remains a point to be analyzed

Global developments

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Over the period 1950-1973, the volume of world trade (in goods and services) increased at an annual rate of nearly 8%, while world GDP rose annually by 5% in volume. In the decade following the abandonment of the Breton Woods fixed exchange rate regime and the first oil price shock, the rate of expansion of both world trade and world GDP slowed down substantially.
Since 1983, the pace of world trade has accelerated again, reaching an average annual rate of 5.7%. This well outpaces the expansion of world GDP, which has risen at an average of only 3.4% per year. However, the pace of world trade has been slower than the pace of FDI, which has risen at 14% per year since 1985.In 1996, world merchandise exports accounted for $5.1 trillion and commercial services exports $1.2 trillion. The respective figures for imports were $5.2 trillion (merchandise) and $1.2 trillion (services). (World Trade Organization (WTO) Secretariat, Report on Trade Developments 1997) In 1996, global trade (based on exports) rose 3.3% from the previous year. This represented a major slowdown compared with the 20.4% rise seen in 1995. (Japan External Trade Organization (JETRO), White Paper on International Trade 1997)
Developed and developing countries
With regard to the role of individual regions in the growth of global trade, there was a remarkable drop in the contributions of the EU and East Asia to export growth, compared to the previous year. The EU's contribution to trade growth was down from 8.9% to 0.9%, and East Asia's fell from 3.7% to 0.7%. Furthermore, Japan's contribution to worldwide export growth was negative in 1996. Even its contribution to import growth came in at a low 0.3%. Latin America, meanwhile, had little effect on overall trade growth since the region originally represented only a minor part of global trade.
One of the reasons for the sluggish growth in global trade as compared with the growth rate of the global economy was a shift in the countries driving economic growth, both in industrialized and developing countries. Specifically, Japan became the major driving force among the industrialized countries in 1996, rather than the EU (with the growth rate of the EU falling from 2.5% to 1.6%, and that of Japan rising from 1.4% to 3.6%). Among developing countries, the growth rate in Asia slowed a bit, but this was made up for by faster growth in Latin America, the Middle East, and Africa. However, the trade of Japan and these other countries and regions did not grow commensurately. (JETRO, White Paper on International Trade 1997)

Measurement

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Looking specifically at economic globalization demonstrates that it can be measured in different ways. This center around the four main economic flows that characterize globalization:

Goods and services, e.g., exports plus imports as a proportion of national income or per capital of population
Labor/people, e.g., net migration rates; inward or outward migration flows, weighted by population
Capital, e.g., inward or outward direct investment as a proportion of national income or per head of population
Technology, e.g., international research & development flows; proportion of populations (and rates of change thereof) using particular inventions (especially 'factor-neutral' technological advances such as the telephone, motorcar, broadband)

As globalization is not only an economic phenomenon, a multivariate approach to measuring globalization is the recent index calculated by the Swiss think tank KOF. The index measures the three main dimensions of globalization: economic, social, and political. In addition to three indices measuring these dimensions, an overall index of globalization and sub-indices referring to actual economic flows, economic restrictions, and data on personal contact, data on information flows, and data on cultural proximity is calculated. Data is available on a yearly basis for 122 countries, as detailed in Dreher, Gaston and Martens (2008). According to the index, the world's most globalized country is Belgium, followed by Austria, Sweden, the United Kingdom and the Netherlands. The least globalized countries according to the KOF-index are Haiti, Myanmar, the Central African Republic and Burundi.

A.T. Kearney and Foreign Policy Magazine jointly publish another Globalization Index. According to the 2006 index, Singapore, Ireland, Switzerland, the Netherlands, Canada and Denmark are the most globalized, while Indonesia, India and Iran are the least globalized among countries listed

History

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Extent of the Silk Road and Spice trade routes blocked by the Ottoman Empire in 1453 spurring exploration.
The historical origins of globalization are the subject of on-going debate. Though some scholars situate the origins of globalization in the modern era, others regard it as a phenomenon with a long history.

Perhaps the most extreme proponent of a deep historical origin for globalization was Andre Gunder Frank, an economist associated with dependency theory. Frank argued that a form of globalization has been in existence since the rise of trade links between Sumer and the Indus Valley Civilization in the third millennium B.C. Critics of this idea point out that it rests upon an over-broad definition of globalization.
An early form of globalized economics and culture existed during the Hellenistic Age, when commercialized urban centers were focused around the axis of Greek culture over a wide range that stretched from India to Spain, with such cities as Alexandria, Athens, and Antioch at its center. Trade was widespread during that period, and it is the first time the idea of a cosmopolitan culture (from Greek "Cosmopolis", meaning "world city") emerged. Others have perceived an early form of globalization in the trade links between the Roman Empire, the Parthian Empire, and the Han Dynasty. The increasing articulation of commercial links between these powers inspired the development of the Silk Road, which started in western China, reached the boundaries of the Parthian empire, and continued onwards towards Rome.[16] With 300 Greek ships a year sailing between the Greco-Roman world and India, the annual trade may have reached 300,000 tons.

INTRODUCTION OF GLOBALIZATION

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Globalization in the broadest sense implies integration of economies and societies across the globe through the flow of technology, trade and capital. It basically refers to a process that enables people, goods, information, norms, practices and institutions to transcend national jurisdictions through markets, technologies, interests and information flows. Four types of changes characterize globalization. First, it involves a stretching of social, political and economic activities across frontiers, regions and continents. Second, it is marked by the growing magnitude of interconnectedness and flows of trade, investment, finance, migration, culture, etc. Third, it can be linked to a speeding up of global interactions and processes. And fourth, the effects of distant events can be highly significant elsewhere and specific local developments can have considerable global consequences. Thus the boundaries between domestic matters and global affairs become increasingly fluid. Globalization, in short, can be thought of as the widening, intensifying and growing impact of worldwide interconnectedness. It causes an expansion in the volume and variety of cross border transactions in goods and services.

Globalization is a long-term process of change. It has economic, political and cultural dimensions, all of which can have a social impact. The different dimensions of the process are interrelated and mutually reinforcing. There are, undoubtedly, significant potential benefits of globalization. Openness to foreign direct investment can contribute to growth by stimulating domestic investment, improving efficiency and productivity, or by increasing the knowledge applied to production. Increased access to the domestic financial system by foreign banks may raise the efficiency of the banking process thereby lowering the cost of investment and raising growth rates. Trade openness may facilitate the acquisition of new inputs, less expensive or higher-quality intermediate goods and improved technologies that enhance the overall productivity of the economy.

Conversely, the process of globalization entails significant risks and potentially large economic and social challenges, particularly to the developing countries. Openness to global capital markets has brought greater volatility in domestic financial markets, particularly in countries whose financial systems were weak to begin with and whose economic policies lacked credibility. Similarly trade liberalization has led in some countries to reduced demand for unskilled labour, lower real wages, job losses and income declines which have often resulted in higher poverty rates. As a result, there have been growing concerns about the negative effects of globalization, and an increasingly polarized debate on the plight of the worlds poorest.

It is very clear that the phenomenon of globalization has come to stay. In fact, globalization has been described as a fast moving train that waits for nobody.1 Intended passengers either jump onto it or risk of being left behind. Like every journey, every passenger must be prepared to board at the right station, with the necessary kits and with a clear knowledge or vision of his destination. There are obvious indications that

Bangladesh

is ill prepared to start this journey and cope with the developments. Apart from the fact that most developing countries lack the basic infrastructure to embark on industrialization drives, the inability to make sound economic policies, unpredictability of changes in laws and pervasive corruption are critical obstacles to development. Therefore, one of the greatest challenges faced by

Bangladesh

in this century is how to strengthen its participation in the global economy in a manner that will bring widespread and sustainable benefits to its people.

Introduction

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—Globalization has a very far-reaching effect on almost every sphere of life. In the question of economic development and growth it is even more being in this era of globalization. Developing country take the advantages of globalization and attempt to improve her economy. Friedman’s concept of golden straitjacket can work as a good start point in this wise effort with special emphasis on the relevant four issues discussed in this paper. As I find thru my research, Bangladesh’s potentials to economic globalization is highly promising. I believe that the recommendation made in this paper if implemented well will take Bangladesh to a point of sustained economic growth and development Globalization in the broadest sense implies integration of economies and societies across the globe through the flow of technology, trade and capital. It basically refers to a process that enables people, goods, information, norms, practices and institutions to transcend national jurisdictions through markets, technologies, interests and information flows. Four types of changes characterize globalization. First, it involves a stretching of social, political and economic activities across frontiers, regions and continents. Second, it is marked by the growing magnitude of interconnectedness and flows of trade, investment, finance, migration, culture, etc. Third, it can be linked to a speeding up of global interactions and processes. And fourth, the effects of distant events can be highly significant elsewhere and specific local developments can have considerable global consequences. Thus the boundaries between domestic matters and global affairs become increasingly fluid. Globalization, in short, can be thought of as the widening, intensifying and growing impact of worldwide interconnectedness. It causes an expansion in the volume and variety of cross border transactions in goods and services.