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Globalization and Nepal

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This paper aims to examine how globalization has emerged in world. This paper also examines how globalization is the most important, influential phenomenon of our century for the developing countries like Nepal. Also the way how global realities are
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   Globalization and Nepal Abstract: This paper aims to examine how globalization has emerged in world. This paper also examines how globalization is the most important, influential phenomenon of our century for the developing countries like Nepal. Also the way how global realities are changing the day-to-day and how Nepal is benefited from globalization. This paper also examines some merits of globalization in Nepal. Key words: globalization, dominant institutions, political, cultural, ideological. Globalization is one of the dimension in today’s world with its multiple aspects. Simply globalization refers to interaction of people through the growth of international flow of money, ideas and cultures. Globalization is primarily an economic process of integration which has social and cultural aspects as well. For David Held and co- authors globalization is “widening, deepening and speeding up worldwide interconnectedness in all aspects of contemporary social life”. Chanda says that globalization is not a  new phenomenon, but a process of interconnectedness which owes much to four groups: trades, producers, adventures and warriors. After the end of cold war the process of globalization took place rapidly around the world. An early form of globalization came into being at the sixteenth century, with the vast European conquests in the hitherto unknown New World (Anderson, 2005: p.177). However, others  believe that globalization was born with the normative standardization of the nation-state, which commenced at the seventeenth century but materialized after the First World War when big empires were undone, and culminated with the creation of the League of Nations (Anderson, 2005: p.177). Globalization may be regarded as a long-run process of diffusion across  boundaries, moving outward from multiple sources. People moves across the country, invest across the country, formation of multinational company took palace due to the globalization took  palace in 21 st  century. Some dimension of globalization can be described as follow: The economic dimension of globalization Economic globalization refers to the intensification and stretching of economic interrelations across the globe. The end of world war second shaped a new way in the economic globalization. Creation of International Monetary Fund, World Bank, World Trade Organization put new dimension in economic globalization. The total value of world trade exploded from $ 57 billion in 1947 to an astonishing $ 6 trillion in the late 1990s. In 1985 government of Nepal adopt stabilization program under the stand-by credit facilities supported by the international monetary funds. Political dimension of globalization  Political dimension of globalization refers to the intensification and expansion of political interrelations across the globe. These process raise the principles of state sovereignty, the growing impact of intergovernmental organizations, and the future prospects for regional and global gove rnance. “ The modern nation state system has rested on psychological foundations and cultural assumptions that convey a sense of existential securing and historical continuity, while at the same time demanding from its citizens that they put their national loyalties to the ultimate test … (Manfred B. Steger)”. Political globalization mainly focuses to the generation and distribution of power of societies. The cultural and ideological dimension of globalization When we talk about the cultural globalization we are especially concerned with the symbolic construction, articulation, and dissemination of meaning. Language, music, and images constitute the major forms of symbolic expression, they assume the significance in the sphere of culture. As images and ideas can be more easily and rapidly transmitted from one place to another, they have impact the way people experience their everyday lives. Nowadays cultural  practices are one of the major aspect of cultural globalization. Cultural globalization has affected us socially in wider space. Various issues such as race, ethnics and class system, social inequalities plays a huge part in cultural globalization in today’s world. The transformation of social norms, values and the identity of community are being transferred in a rapid way. Technology play a huge role in the transformation of culture. Media, television, literature and so on plays a crucial role. An ideology is a system of widely shared ideas, patterned beliefs, guiding norms and values, and ideals accepted as truth by a particular group of people. Globalization contains an ideological dimension filled with a range of norms, beliefs, and narration about the phenomenon itself. (Steger: 2006, p.93). For instance, the heated public debate over whether globalization represents a 'good' or a 'bad' things occurs in the arena of ideology. The concept of liberalization and integration of markets is also an ideological dimension of globalization. Nowadays various newspaper and journals such as business week, The Economists, the Wall Street Journal, electronic media published various news and article related with various ideology and readers are able to get knowledge of global affairs. Some major claims which occur regularly in globalism are globalization is about the liberalization and global integration of markets, globalization is inevitable and irreversible, nobody is in charge of globalization, globalization benefits everyone, and globalization furthers the spread of democracy in the world.(Steger: 2006). The major effect of globalization is that the global economy is becoming more integrated day by day and there is formation of new economic policies to achieve the national interest of nation. The growth of world trade organization, foreign direct investment and imports has led to more foreign competition in domestic market and formulation of new policies. New market, new tools, new actors, new laws, new practices are practiced in world. Globalization and Nepal In November 1990, ending the direct rule of king Nepal entered into new political system by adoption of multiparty democracy which open the door of globalization in Nepal. In late 1992,  the government of Nepal negotiate with a new Enhanced Structural Adjustment Facility (ESAF) arrangement with the IMF. Then after, Nepal initiated sweeping economic reforms programs in almost all sectors of the economy including fiscal and monetary policies, trade and investment, financial and capital markets, and other social and economic sectors. (Bhattarai: 2012; p.201). The Industrial Enterprise Act (1992), the Foreign Investment and Technology Transfer Act (1992) were enacted in line with the open, liberal and market oriented policy. Domestic as well as foreign private sector was allowed to invest in hydro-electricity and other sectors. Nepal  become the member of the World Trade Organization (WTO) from April 1, 2004. The membership of WTO open the stability in trade relations and trade without discrimination. It also opens the benefits such as: increased market access; level playing field; transparency and  predictability; and dispute settlement. As Nepal is the first least developed developing country to enter WTO through full accession process. Further, WTO offers special and differential treatment that can be used in the protection and promotion of Nepal's interest. The major advantages of globalization for Nepal is in the sector of economic liberalization and modernization of Nepalese economy. The market of Nepal expanded to international arena with the increased opportunity of export of domestic product. One of the major advantages of globalization in Nepal is the increased of foreign direct investment. In 2016 the foreign direct investment in Nepal was RS. 5920.9 million. The globalization also open the door for global competition in in international arena and the membership in international financial institutions like the World Bank, International Monetary Fund, the Asian Development Bank which help in the development and in the formulation of monetary policies of nation. Also the socio-cultural transformation took place. The photo gallery organized by embassy of Nepal in china recently and transformation music, movies and culture took place across the world. Despite of huge opportunity and advantages there are some disadvantage of globalization like; imbalance in development, widening income inequality, transit problem (e.g. blockade by India in Nepal), dominant of MNC's, trade deficit, aid dependency, labor migration, organized crime like human trafficking, fake currency, money laundering and so on.  Nepal should formulate long term policies to take the opportunity provided by the globalization. Focus on trade diversification to compete in international market, promotes local product like noodles, herbs, Statues, thankas, metal works, pashmina shawls and silk scarves in global market. She should focus on strengthening capacity to curb social crimes and raise public awareness with the vocational education for the demand of market. Nepal should promulgate strong and strict laws to safe guard the national interest and preservation of farmer's rights and  bio-diversity of nation. Also must be active to promote culture in international arena via literature, philosophy, exhibition, music, art and exchange programs. Conclusion The end of Cold War opens the door to a new vibes of diplomacy and globalization in world. Globalization has experimented unprecedented progress after the Cold War, mostly due to the information and technology revolution. The disappearance of the Iron Curtain has helped to  stitch together the economic, political, and cultural lives of nations, making borders more  permeable to the movement of people, products and ideas. Globalization opened the door of opportunity in Nepal. Open of global trade and market, participation in international forum,  promotion of tourism in international arena, attraction of foreign direct investment and multinational corporations, membership in WTO and other international institutions are some advantages of globalization in Nepal. Nepal should formulate and promulgate long term policies and rules to promote Nepal in international arena with the aim of gaining optimum opportunity of globalization. References: 1. Anderson B., 2005, 'Globalization and Discontents' Field Day Review, vol 1. Pp. 177- 188. 2. Steger, Manfred (2006) Globalization: A very short introduction. New York: Oxford University press p. 64-65 3. Vincent Cable, Globalization and Global governance, The Royal Institute of International Affairs, 1999. 4. John Tomlinson, Globalization and Culture, university of Chicago press, 1999. 5. Bhattarai Ramachandra (2012) 'Globalization, Liberalization and Privatization in Nepal' International Relations and Foreign Affairs, Sopan Monthly, pp. 197-202.
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