“Arguing against globalization is like arguing against the laws of gravity.”This statement by Kofi Annan truly specifies international finance is not a matter of choice any more. The international events has deeper and broader impact on nation, corporate and individual ,as manifested from Great Depression to- not- so-long- ago financial crisis.
The news of US has creeped into each one’s life It struck me when my grandmother(never went to school) talks about recession .She is worried and prays to God to end this recession so that my sister's job, a job consultant, does not get too badly effected. .Last week my friend broke up with her boyfriend, as he lost his job in Lehman Brothers .
This shows how intertwined our lives with US. Globalization is here to stay and be here forever,so what is the solution? The problem which is so large scale cannot be solving by sporadic efforts. But a combined effort is required from every country. But every country has promoted “protectionism” in some or the other form.I think it is just the start of downward spiral as manifested in great Depression of 1929.So the solution lies in promoting trade and enhancing and improving it. May be this answers the prayers of my grandmother.Amen!!
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Very well written tanuja and i would like to say a few things
1. The depression in 1929 was due to huge supply and in proportion to it lesser demand which had a multiplier effect on people and economy. It followed with world war-2 which was the economy driver for many countries including USA, so is this another step deliberately taken by USA to push world into another war?????
2. The Indian economy has been affected no doubt but is still maintaining a growth rate of 6-7% consistently
3. The naukri.com index shows decent growth in no. of new openings so your grandmother does not need to worry much
4. With huge investments planned by the companies like Daimler, Wolkswagen I think the country still seems to be a venue to look out for by the foreign investors
I believe the conditions are going to improve for India and thus we will no longer be facing the brunt faced by the US
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