Globalization in Transition Research Paper Example | Topics and Well Written Essays - 1500 words

Globalization in Transition - Research Paper Example What has happened about globalization so far, challenges the imagination of all concerned. It is impossible to predetermine or predict the outcomes and the shape of things to come. Human intervention and creativity have reached new zeniths and the developments that have taken place in various segments of globalization do not fall within the definitions of Capitalism, Communism, Socialism or Theocracy. Spread of democracy in the hardcore communist countries, which resulted in liberalization of trade relations, is also an important factor in hastening up the process of globalization. Narrow perspectives of nationalism have failed to check the economic reforms that are part of the process that accelerates the pace of development. The discussion is no more about whether there should be reforms to facilitate the march of globalization; it is about the strategy to implement reforms. The importance of transition economics is an accepted fact. The tug of war of votaries of globalization and the local manufacturing and local food markets will continue and the ultimate gainer is the consumer, as he has the choice. Is it possible to reconstitute local manufacturing and local food markets, or has globalization ultimately made this impossible? A straight forward answer to this question is impossibility. It is an admitted fact that the narrow domestic walls have crumbled. Firstly, let us try to understand the institution of market. The complex market institutions cannot develop in a theoretical or laboratory setting and then transplant them to economy. For the markets, transition to the ground realities is a complicated exercise. Institutions will take a long time to reshape and attain perfection. Globalization has challenged and will continue to challenge many of the old social and economic norms. Many such norms will die and many will need complete rejuvenation. Getting the reforms off from the national to