GLOBLIZATION IN THE WORLD ECONOMY
Author(s): Dr. Vinod Kumar.
Authors Affiliations:
Assistant Professor. Sociology. Vallabh Government College Mandi Himachal Pradesh 175001 India.
DOIs:10.2017/IJRCS/202504007 | Paper ID: IJRCS202504007The word' globalization has now become familiar to most of us. The idea suggests that the world is undergoing an increasing process of international interdependence so that national economies as distinct entities with supreme authority within their territorial jurisdiction are becoming increasingly irrelevant. This does not mean the creation of a world or global community based on equality. Historically, the international economic system has developed on, the basis of nation-states. Revolution in transport and communication, highly sophisticated industrial production technologies in the post-war period created a capitalist world market. The Bretton Woods System 'heated in the post-war period that laid down the rules for international trade and commerce, collapsed in the seventies. The nineties has seen the emergence of the process of globalization. New institutions and rules to govern world trade have come into existence in the form, of WTO - World Trade Organization. This study explains Globalization in the World economy and the institutions that have come into existence as part of the process of the globalization.
Dr. Vinod Kumar.(20250; GLOBALIZATION IN THE WORLD ECONOMY, International Journal of Research Culture Society, ISSN(O): 2456-6683, Volume – 9, Issue – 4, Pp.30-36. Available on – https://ijrcs.org/
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