Globalization, markets and just growth in India

Globalization is one of the most controversial topics of the twenty-first century. It can be broadly defined as the “widening, deepening and speeding up of world-wide interconnectedness in all aspects of social life” However, it is economic globalization which lies at the heart of the broader meaning of globalization. Economic globalization can be traced to the development of a regional international market in Europe as foreign trade grew following the commercialization of agriculture, the rise of capitalism and its penetration from the economic core to the regional economies of the periphery around the world. However, contemporary globalization burst on the world scene with the collapse of the Soviet Union in 1991 and has since dominated academic debates as a determinative of humanity’s future. The supporters of globalization like Friedman, Fukuyama, Gilpen and Ohmae argue that globalization has made a monumental break in history, by elevating the market to a dominant position in human affairs. As a result, the state, takes a backseat, while the market moves the world towards economic prosperity. However, critics like Stiglitz, Chomsky, Klein argue that the profit-driven approach of globalization will result in the exploitation of less developed countries (LDC) and damage to the environment. Thus contemporary economic globalization whether good or bad, is undoubtedly of immense importance, under which the international economy has integrated as never before. In this process the state continues to remain central and its role to promote equitable growth, involving all sections of the society becomes even more crucial.   State intervention is further required not only in supporting emerging market but also for building up basic socio-economic capabilities and infrastructure like health and education. Therefore the state and market need to work together to ensure just growth. It is in this direction this paper attempts to examine globalization in India and its impact on economic growth and equity with reference to forceful land acquisitions in the country in the name of development.