Meaning of 'Globalization to the 3rd world'?

Until the markets went global, Marketing has been one of the neglected functions in the Indian business environment. Few Indian Companies had assiduously applied and practiced marketing strategies till about a decade and half ago. They had a distribution arm and a selling arm. Since the dawn of 1990s, however, the Climate has changed considerably, thanks to what is being described by Economists as LPG- Liberalization, Privatization and Globalization.

The term ‘Globalization’ was first used by Mr. Theodore Levitt in an article in Harvard Business Review in 1983. Globalization meant, national products, identity and companies were replaced by globalized products, globalized identities and globalized Companies. The market did not have any boundaries and it was Open market without boundaries. The increased integration of national economy, the more and more Joint ventures, dealer networks, wholesale markets were replaced by retail markets where world class goods were available for wholesale prices, all these constituted the syndrome of this paradigm shift. All these have ushered a new world economic order. The harbingers of the cataclysm are on its way. But it has its own perils too. Globalization can be disquiet too. When American banking began to fail, and liquidity became sparse in America, it caused an economic meltdown; this permeated to Europe, another developed continent. And this development cascaded to a number of developing countries including the new blocks of economic growing power like India, China, Brazil and Russia, resulting in trade slowdown affecting the economic growth of these countries which were slated to touch double digit growth against which it faced double dip growth.

Organizations will need to master and muster new competencies in order to advance and progress in this scenario. Managers and workers will require new skills to function in the context of a global conglomerate. Globalize or perish would become the mantra for achieving any commercial success in the millennium. It is only the commercial or economic changes, but all other resonant and consequent changes in the social, economic, political menu.

If we need to understand the evolution of the global market, the theory of state and nation, the historic perspective of different models of the national economy and their correlation to the genesis and growth of globalization as a contemporary phenomenon, we need to relook at the origin of modern global economy, political philosophies and economic theories of Adam Smith, Kant, Jeremy Bentham, John Mill, Karl Marx, etc. We also need to look at the interregnum between two world wars. The Great Depression, the establishment of Gold standard, Bretton Wood Conference, meergence of Third world in the international economy is forerunners to the Globalization of the economy.

The genesis of globalization in the context of and in sequel to the crisis in the international economy makes a fascinating transition from welfare capitalism to laissez-faire economy. Has the collapse of Soviet Russia and formation of the Commonwealth of independent states anything to do with liberalization?

Globalization, what it means to the third world, developing world, and developed work demystifies the concepts of world economy of the immediate post war economic era of 1945! Right or wrong, time alone can tell.