Globalization & Bangladesh

In: Business and Management

Submitted By murtaja
Words 6281
Pages 26
CHALLENGES OF GLOBALIZATION: HOW BANGLADESH CAN REAP ADAPT ITSELF TO REAP THE BEST BENEFITS IN THE 21ST CENTURY
Lt Colonel Sharif Md Abul Hussain
Dir Planning and Development, Bangladesh University of Professionals, E-mail: hussain2682@gmail.com

ABSTRACT
The study investigates specific information regarding the challenges of globalization faced by Bangladesh and how it should prepare itself to coup with the challenges. The result suggest that Bangladesh is not in comfort in coping with the winds of globalization, as it has less access to and use of different opportunities living at the margin in the hierarchies of global order with low technological base, poor infrastructures and governance in most arenas. The study also suggest that Bangladesh needs to be engaged with all its development partners in a healthy and constructive process of interaction on stabilization, reform programme and other critical issues like national capacity building, competitiveness, political stability, cross border terrorism, arms and drug trafficking, climate change and environmental degradation. The policy implication is that various economic policy orientation and utilization of resources should be as such that they can supplement economic growth in a sustainable manner and create avenues for employment. KEY WORDS: Benefit, Environment, Globalization, Governance, Infrastructure, Poverty, Population, Policy, Political stability, Resource

1.0 INTRODUCTION
Globalization is a process of expanding trade and commerce creating borderless market all over the world. Some view it to be the conquest of one by other increasing inequality between nations. Others view it to be benefiting for world economic development and – also inevitable and irreversible. Bangladesh is exposed to pressure from two major sources in order to bring about changes in domestic governance in the direction of…...

Similar Documents

Impact of Globalization on Bangladesh

...Impact Of Globalization On Bangladesh Globalization has become a buzzword in the new era of international relations. Basically it is a process of expanding trade and commerce all over the world by creating a frontier-less market. But now it has had a far-reaching effect on many aspects of life Impact Of Globalization On Bangladesh : Impact of globalization is obvious in the following spheres : • Impact On Communication : With the impact of high-tech communication media and ultramodern transportation facilities, the world has come closer. Now we can learn instantly what is happening in the farthest region. Countries of the world have become like families in a village. They can share their joys and sorrows like next-door neighbors. • Impact On The Economy : The Impact Of globalization on Bangladesh economy cannot be denied. Like the developing countries of the world our country is getting benefit out of border-less market. Our GDP has increased. Garment industries are considered the foreign exchange earner. In terms of investment, employment and exports, the functioning EPZs(Export Processing Zones) have been greatly successful. • Impact On Modern Technology : Globalization is now largely based on a strong technological foundation. The electronic transfer of information via the internet has now created an instantaneous and inter-connected world of information resulting in a 24-hour trading network. This technology has largely changed banking and financial activities.......

Words: 619 - Pages: 3

Positive Impacts of Globalization in Bangladesh Economy (a Case Study of Bd).

...Definition…………………………………………………………..11 2.2 Globalization and Bangladesh Economy………………………….11 2.3 Bangladesh and WTO …………………………………................11-12 2.4 Composition of Import & Export in Bangladesh………………….12 2.5 Foreign Investment in Bangladesh: In global Context……………13 2.6 Growth in Manufacturing GDP…………………………………….14 2.7 Broad Sector Shares in GDP at Constant Prices…………………..15 2.8 Overseas Employment……………………………………………...16 2.9 RMG Sector …………………………………………………….17-19 2.10 Market forces ………………………………………………......20-21 2.11 Globalization and the U.S. Role with Bangladesh……………….22 (3)Chapter-Three 3.1 Findings……………………………………………………………23 3.2 Recommendation……………………………………………..........24 3.3 Policy Recommendation……………………………………………25 3.4 Conclusion………………………………………………………….26 3.5 References…………………………………………………………..27 Abstract Over the past decades, Globalization has become a new world order, which virtually influences everything that comes in our mind. Developing countries Bangladesh with vulnerable geological locations and weak economics are now looking at globalization to strengthen their economy to fight any perceive threats. But increasing role played by in setting the rules under which globalization is. played, has placed developing countries in a much unfavorable position globalization has both positive and negative impact on the country of Bangladesh, A......

Words: 7048 - Pages: 29

Globalization

...The Way I see it Globalization allows us to walk down the street to purchase food we have never tried, learn different languages, meet people who share ideas we have never heard of, and do much more than what we are used to. Globalization is the connecting of countries, cultures, trade, communication, transportation, technology, and money. This process of becoming globalized concerns many worldwide, with many wondering how their life will change. It is the process in which different societies and cultures integrate to gain better understandings, and live a better quality of life. This progress affects the world economically, politically, culturally, and socially. It affects each country differently, some better than others. This term once meant that more people are moving across the globe, spreading ideas and goods across borders. In today’s world, some of the matters it deals with are free trade, world banks, sweatshops, and outsourcing. Many people see the positive effects of globalization. Societies that become richer with knowledge may be accepting of all types of people, making our world more peaceful. However, I see globalization as damaging to developing and developed countries in today’s world. Workers in developing countries are prone to harsh conditions and exploitation. Developed countries suffer from greedy CEO’s and unemployment due to outsourcing. Globalization damages developing countries because many young people work in sweatshops, which damages their......

Words: 1447 - Pages: 6

Globalization

...Introduction Globalization has become a sort of fashionable buzz-word. It is quite often said but seldom with the same meaning. Globalisation has been an important factor in accelerating democracy’s growth in recent decades. In this globalized world, rapid development and global proliferation of new technologies and telecommunications, and integration of the world economy through trade and investment, have increased the role and power of regional and global institutions. This promoted and strengthened the spread of democracy while also providing the leverage for good governance. Globalisation impacts on the mode of governance that a country operates either as a symbol of universality or for uniformity. This unstoppable trend has homogenised governance on a global scale while depicting authoritarianism as unproductive political modernity. The concepts- globalisation and (good) governance have dominated international discourse for sometime now. The conceptual ambivalence and ambiguity that hover around them, however, are owing to their multidimensional and multifarious perspectives. Definitions Good Governance Before defining good governance, it is pertinent to define governance in order to use it as a point of departure to fully understand good governance. According to WB governance is the “manner in which power is exercised in the management of a country’s social and economic resources for development”. According to ESCAP governance simply means “the......

Words: 5223 - Pages: 21

Globalization

...Globalization and Bangladesh According to Oxford Dictionary “Globalization is the fact that different cultures and economic systems around the world are becoming connected and similar to each other because, of the influence of large multinational companies and of improved communication”. According to Wikipedia (an web encyclopedia) Globalization refers to increasing global connectivity, integration and interdependence in the economic, social, technological, cultural, political, and ecological spheres.    Shahzaman Mozumdar (IT Professional and Freedom Figher) says, "Globalization evokes different feelings to different people. Some look at globalization as "the panacea,"-the elixir that will eradicate all poverty, remove disparity, and enable the global citizens to enjoy a decent lifestyle-the lure of globalization. Others view globalization as "the evil" that will further enslave them to the rich” In the broadest sense, Globalization implies integration of economies and societies across the globe through flows of technology, trade and capital. Integration of production, accelerated cross-border investments and more trade are the logical outcomes of this process. It is a phenomenon of 21st century.    When I think of globalization in the context of Bangladesh, I think of a person like Hosne Ara Begum, a 40-year-old garments worker at Dekko Apparels Ltd. Hosne Ara, living with her unemployed husband and two children, was driven out of her village in Comilla......

Words: 935 - Pages: 4

Globalization

...GLOBALIZATION AND ITS IMPACT ON BANGLADESH ECONOMY A thesis presented to the Faculty of the U.S. Army Command and General Staff College in partial fulfillment of the requirements for the degree MASTER OF MILITARY ART AND SCIENCE Strategy by RAHMAN MD FAIZUR, MAJOR, BANGLADESH M.D.S., National University of Bangladesh, 2004 Fort Leavenworth, Kansas 2005 Approved for public release; distribution is unlimited. REPORT DOCUMENTATION PAGE Form Approved OMB No. 0704-0188 Public reporting burden for this collection of information is estimated to average 1 hour per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing this collection of information. Send comments regarding this burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden to Department of Defense, Washington Headquarters Services, Directorate for Information Operations and Reports (0704-0188), 1215 Jefferson Davis Highway, Suite 1204, Arlington, VA 222024302. Respondents should be aware that notwithstanding any other provision of law, no person shall be subject to any penalty for failing to comply with a collection of information if it does not display a currently valid OMB control number. PLEASE DO NOT RETURN YOUR FORM TO THE ABOVE ADDRESS. 1. REPORT DATE (DD-MM-YYYY) 2. REPORT TYPE 3. DATES COVERED (From - To) 17-06-2005 ...

Words: 18138 - Pages: 73

Globalization

...Impact of Globalization on Bangladesh In: Computers and Technology Impact of Globalization on Bangladesh Impact Of Globalization On Bangladesh Globalization has become a buzzword in the new era of international relations. Basically it is a process of expanding trade and commerce all over the world by creating a frontier-less market. But now it has had a far-reaching effect on many aspects of life Impact Of Globalization On Bangladesh : Impact of globalization is obvious in the following spheres : • Impact On Communication : With the impact of high-tech communication media and ultramodern transportation facilities, the world has come closer. Now we can learn instantly what is happening in the farthest region. Countries of the world have become like families in a village. They can share their joys and sorrows like next-door neighbors. • Impact On The Economy : The Impact Of globalization on Bangladesh economy cannot be denied. Like the developing countries of the world our country is getting benefit out of border-less market. Our GDP has increased. Garment industries are considered the foreign exchange earner. In terms of investment, employment and exports, the functioning EPZs(Export Processing Zones) have been greatly successful. • Impact On Modern Technology : Globalization is now largely based on a strong technological foundation. The electronic transfer of information via the internet has now created an instantaneous and inter-connected world of information......

Words: 624 - Pages: 3

Bangladesh: Development Outcomes and Challenges in the Context of Globalization

...1. Introduction Bangladesh faces the challenge of achieving accelerated economic growth and alleviating the massive poverty that afflicts nearly two-fifths of its 135 million population. Strategies for meeting this challenge have included a shift away from state-bureaucratic controls and industrial autarky towards economic liberalization and integration with the global economy. These policy reforms were initiated in the mid-1980s against the backdrop of serious macroeconomic imbalances, caused in part by the declining level of foreign aid and in part by a preceding episode of severe deterioration in the country’s terms of trade. The policy reforms in the 1980s included the withdrawal of food and agricultural subsidies, privatization of state-owned enterprises, financial liberalization, and withdrawal of quantitative import restrictions. The beginning of the 1990s saw the launching of a more comprehensive reform program, which coincided with a transition to parliamentary democracy from a semi-autocratic rule. These later reforms were particularly aimed at moving towards an open economy – such as making the currency convertible on the current account, reducing import duties generally to much lower levels, and removing virtually all controls on the movements of foreign private capital. Besides, fiscal reforms were undertaken including the introduction of the value-added tax. During the 1990s, notable progress was made in economic performance. Along with maintaining......

Words: 7698 - Pages: 31

Globalization

...Consequences of Globalization in Bangladesh Insurance Industry K.M. Mortuza Ali* Globalization means the breakdown of boundaries. Every country rich or poor would have access to the markets of other country. As a matter of right, the rich will have access to the markets of the poor and the poor countries would have access to the markets of the rich. This sounds quite fair as it will be a borderless world. Everyone will be equal citizens of the globe. But what is apprehended by many that this might lead to loss of the independence of the poor countries. This is simply because the poor may lose their economic independence under globalization. If there is only one global entity, there can not be nations and or can not be independence of nations. The entrepreneurs of developing countries can not compete successfully with the market giants of the west. The effect of economic globalization would be the demise of the small companies of the developing poor countries. Large multinational companies in the developed countries will take over everything. It is also apprehended that a globalized world is going to belong to the powerful dominant countries. They will impose their will on the rest, who will be no better off than when they were colonies of the rich. We are afraid, that in the name of globalization, the process of re-colonization has begun. Challenges and Opportunities We are being repeatedly told by the proponents of......

Words: 4947 - Pages: 20

Globalization

... 3 1. The concept and essence of globalization 1. What is globalization 5 2. History of globalization 11 3. Different types of globalization 13 2. Effects of globalization 2.1 Positive effects of globalization 19 2.2 Negative effects of globalization 21 Conclusion 23 Endnotes 24 Bibliography 25 3 Introduction Today it is really difficult to find a more fashionable and a discussion topic as globalization. Dozens of conferences and symposia, hundreds of books and thousands of articles are devoted to it. It is discussed and......

Words: 11953 - Pages: 48

Globalization

...Executive Summary The new version of globalization sees the trans- and multinational companies being the major players guided by the policies and treaties of the oversight international organizations and supported by technology. Given that the focus continues to be cross border trade, integration and investment, in the absence of any communal decision making process with defined criteria, it has been clear that globalization continues to be challenged with respect to ethical decision making for sustainable development. This paper summarizes the role and function of the major globalization oversight organizations and touches on the extent of the power that they wield. It briefly discusses the advantages and disadvantages of globalization and attempts to identify the goals of globalization and given these goals and the identification of the stakeholders and subsequently to evaluate whether or not it is a driver or barrier to ethical decision making and sustainable development.   ‘Ethics is more than the right thing to do: it's the smart thing to do.’ Global Institute of Ethics 1.0 Introduction It appears to be no easy feat to get a precise definition for Globalization. The definition can range from that of Nobel prize-winning economist Joseph Stiglitz who defined it as “the closer integration of the countries and peoples of the world which has been brought about by the enormous reduction of costs of transportation and......

Words: 5456 - Pages: 22

Globalization

...Faculty of Business and Accountancy, Graduate School of Business CSGB 6314 INTERNATIONAL BUSINESS MANAGEMENT SEMESTER 2, 2015/2016 ESSAY – Individual Assignment “Globalization brings more benefit than harm and should therefore be encouraged”. Discuss the statement. Submitted to: Prof. Dr. Mohd Nazari Ismail Prepared by: TAN WAN TENG, CGA150015 Date: 5th April 2016 TAN WAN TENG (CGA150015) CSGB 6314 International Business Management Globalization is not a new thing. Long time ago, people have been selling to and buying from each other places at far distances, for example, the Silk Road across Central Asia which was connected China and Europe during the Middle Ages. The globalization has been developing since 1980 and today it is easier for people and firms to communicate with other countries in the world. Globalization is the development of worldwide economy in which resources and products move fairly across national borders. It is also a process of integration among people, companies, and governments of different countries, which is usually driven by international trade, investment and supported by information technology. Both developing and developed countries are taking part actively in globalization process but both countries reacted differently in globalization. This process has the positive and negative effects on employment, culture, education and knowledge, market competition, economic, wealth and human physical well-being around......

Words: 2531 - Pages: 11

Globalization

...RESPONDING TO GLOBALIZATION: INDIA’S ANSWER 4th Ramanbhai Patel Memorial Lecture on Excellence in Education by Dr. C. Rangarajan Chairman Economic Advisory Council to the Prime Minister New Delhi February 25, 2006 Ahmedabad RESPONDING TO GLOBALIZATION: INDIA’S ANSWER I deem it a great honour to be invited to deliver the 4th Ramanbhai Patel Memorial Lecture on Excellence in Education. Shri Ramanbhai Patel was a true entrepreneur. He came to business from education and set up an indigenous pharmaceutical company, which later became one of the largest manufacturers of drugs and pharmaceuticals. He was deeply interested in the promotion of education and contributed liberally towards this cause. I am indeed happy that the Ahmedabad Management Association has instituted a lecture series to commemorate his memory. Ahmedabad Management Association is perhaps the most active management association in our country. It has become the forum for a discussion of variety of issues relating to industrial growth and business education. Its programmes and seminars have come to be recognized as being the most useful and well organised. May I take this occasion to congratulate the Ahmedabad Management Association on the excellent work it has been doing. It is a matter of great pleasure for me to be in Ahmedabad and to meet familiar faces. Globalization has become an expression of common usage. While to some,......

Words: 4403 - Pages: 18

Globalization and Bangladesh

...PART-1 1. Concept of globalization: Globalization means the coming together of different societies and economies via cross border flow of ideas, finances, capital, information, technologies, goods and services. The cross border assimilation can be social, economic, cultural, or political. But most of the people fear cultural and social assimilation as they believe this would have a negative impact on the existing culture of their society. Globalization therefore has mostly narrowed down to economic integration and this mainly happens through three channels; flow of finance, trade of goods and services and capital movement. Globalization is a term that includes a wide range of social and economic variations. It encompasses topics like the cultural changes, economics, finance trends, and global market expansion. There are positive and negative effects of globalization - it all comes as a package. Globalization helps in creating new markets and wealth, at the same time it is responsible for extensive suffering, disorder, and unrest. The great financial crisis that just happened is the biggest example of how negative globalization can turn. It clearly reveals the dangers of an unstable, deregulated, global economy. At the same time, this gave rise to important global initiatives, striving towards betterment. Globalization is a factor responsible for both repression and the social boom. What happens when there is a growing integration of economies across the globe?......

Words: 13616 - Pages: 55

Globalization

...Consequences of Globalization in Bangladesh Insurance Industry K.M. Mortuza Ali* Globalization means the breakdown of boundaries. Every country rich or poor would have access to the markets of other country. As a matter of right, the rich will have access to the markets of the poor and the poor countries would have access to the markets of the rich. This sounds quite fair as it will be a borderless world. Everyone will be equal citizens of the globe. But what is apprehended by many that this might lead to loss of the independence of the poor countries. This is simply because the poor may lose their economic independence under globalization. If there is only one global entity, there can not be nations and or can not be independence of nations. The entrepreneurs of developing countries can not compete successfully with the market giants of the west. The effect of economic globalization would be the demise of the small companies of the developing poor countries. Large multinational companies in the developed countries will take over everything. It is also apprehended that a globalized world is going to belong to the powerful dominant countries. They will impose their will on the rest, who will be no better off than when they were colonies of the rich. We are afraid, that in the name of globalization, the process of re-colonization has begun. Challenges and Opportunities We are being repeatedly told by the proponents of......

Words: 4947 - Pages: 20

Bruidsparaplu | Destino Final 3 | Hajimete no Gal Sub Indo Batch Eps 1-10 Lengkap