Globalization: Asymmetry Perpetuation and Growth

Amar K. J. R. Nayak

Chapter 3 in Indian Multinationals, 2011, pp 27-48 from Palgrave Macmillan

Abstract: Abstract This chapter mainly argues that the capitalistic logic of globalization gives free rein to government and the institutional framework to support and perpetuate the existing asymmetries between large business enterprises and marginal producers and consumers. In institutionally deficient developing countries such as India, larger enterprises exploit their asymmetric advantages to gain explosive growth in size and profit. With rapid liberalization, privatization and globalization (LPG) in such countries, globalization serves as a perfect framework to perpetuate asymmetries at the cost of long-term sustainability of the majority in society. From the existing literature the chapter presents the sociological, cultural and technological perspectives of globalization. It then discusses the role of the state, theories of regulation, the theoretical blind spots in the argument for globalization, and the inequities associated with this process. Next, it analyses the logic of efficiency and control that advances the process of globalization. It discusses the underlying dynamics, history of globalization, its stages and process in general and in India as a developing country in particular. It then explains the process of asymmetry generation under LPG processes in India and highlights the systemic threat of a warlike situation in the modern age of capitalism and multinational enterprises.

Keywords: Foreign Direct Investment; Stock Market; International Monetary Fund; World Trade Organization; Domestic Firm (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-30871-8_3

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DOI: 10.1057/9780230308718_3

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