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How has Globalization Shaped Energy Systems in Emerging Economies: A of India - Case Study Example

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Globalization brings opportunities and challenges in an equal measure concerning energy issues. The objective of the present study is to investigate the influence of the globalization occurrence on the energy industry of the global south, particularly in India…
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How has Globalization Shaped Energy Systems in Emerging Economies: A Case of India
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Download file to see previous pages Economic globalization has accelerated due to several factors such as technological advancements and market liberalization. Globalization of policymaking The most important and unique feature concerning globalization is that issues are viewed under the lens of international interests (Cooper, 2001). National policy issues such as economic, social, cultural and trade are increasingly coming under the influence of international agencies. This has resulted in an erosion of national sovereignty as states barely make their own decisions. The developing counties and the south have seen their independence eroded since their economic, cultural, and social choices are highly subjected to international agencies (Bradshaw, 2009). This has forced them to adopt policies made by other entities, which in most cases they are never comfortable in accommodating. The developed countries are better placed since they are able to formulate their own policies with less interference and exert pressure on other developing countries (Bartelson, 2000). The developed countries are advantaged since they control international institutions and the global systems and are thus able to make a major decision to their advantage. The liberalization of markets and the developments in technology are the major contributors to the erosion of national policy making in most countries (Turner, 2009). The big flow of capital and the huge chunks of money involved are making it cumbersome to control check the power of the big players in the global economy. The global institutions have become major policy makes and most countries are forced to conform to their set standards (Foster, 2007). Another major initiative is the proposed multilateral agreement on investment where attempts are being made at world trade for an international investment agreement. The World Bank, International Monetary Fund, and World Trade Organization are some of the most powerful international bodies with immense control on major world policies (Communications Deloitte, 2004). Globalized banking According to Turner (2009), the demand for financial services has led to the continuous expansion of international banking leading to a globalization of the financial systems. The liberalization of trade and the growth of international markets have led to increased banking activities between the north and the south. The role of international banks in the global economy is closely related to international markets and thus has a great impact on the market dynamics (Bank of International Settlement, 2010). Internationally active banks have assisted to exploit the world economic development as they control the major financial decisions. The financial crisis highlighted the risks associated with globalized banking and the potential threats it poses an economic setting (Robinson, 2002). The deficiencies of the globalized banking facilitated the rapid transmission of shocks across the global financial system leading to the downfall of several economies. The first growth of international banks has increased the vulnerability of the financial systems in most countries due to reduced risk management structures (Communications Deloitte, 2004). Rising inequalities The results of globalization are the uneven distribution of profits and losses due to various factors at play.  ...Download file to see next pagesRead More
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