How to Write Globalization Essay: Pro Tips With Examples

Moreover, quantitative restrictions were replaced by price-based system. Other measures introduced in this direction include setting up of special economic zones SEZsfull filling WTO norms and aligning EXIM procedures, removal of disincentives, export promotion through import entitlement. Following the strategy of export-led growth during the last 20 years, Indian economy experiences lot of changes in its condition.

As a result, Indian exports as a percentage of GDP have increased from 5. Simultaneously, Indian imports have also increased considerably from 8. It is also important to look at another major benefit of globalisation, i. The volume of software and ITES exports from India grew from Rs 28, crore in to Rs 58, crore in and then to Rs 1,03, crore in showing a growth of 32 per cent over the previous year.

The software export sector has also been able to recruit 3. Thus as a result of globalisation India has taken a strategy to reach international standards in productivity and thereby competing in the global market effectively with reputation.

Moreover, the structure of Indian economy has also undergone considerable change in the last decade. These include increasing importance of external trade and of external capital flows. The services sector has become a major part of the economy with GDP share of over 50 per cent and the country becoming essay on globalization important hub for exporting IT services.

Globalization Essay

The share of merchandise trade to GDP increased considerable to over 35 per cent in from If the trade in services is included the trade ratio is 47 per cent of GDP for Again, the rapid, growth of Indian economy during the period to also made India an attractive destination for foreign capital inflows and net capital inflows that were 1. Foreign portfolio investment also added buoyancy to the Indian capital markets and Indian corporate began aggressive acquisition spree overseas, which was reflected in high volume of outbound direct investment flows.

Another important dimension of globalisation has been essays on globalization high degree of external dependence on imported energy sources, especially crude oil with the share of imported crude in domestic consumption exceeding 75 per cent. Therefore, a major change in international crude prices is bound to impact the Indian economy extensively as happened in early and in early Thus the present trend in globalization in Indian economy has to he analysed seriously from all angles for determining its future policy directions in a most rational manner.

The adoption of the policy of globalisation in India has resulted initially the following mixed impacts on its economy:. As a result of globalisation, Indian companies started to face growing competition from free flow of products produced by multi-national companies MNCs. Unequal competition between the domestic companies and mighty MNCs has resulted closure of weak industrial units both under large, medium and small scale categories.

This would, however, require the exports to grow at the rate of 18 per cent per annum. As a result of globalisation India has been able to gain in respect of trade in services, especially in respect of Information Technology industry. Indian software professionals have created a brand image in the global market.

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As on DecemberIndian Software Companies have acquired international quality certification. Majority of the Multi-national companies operating in the area of information technology have either Software Development Centres or Research and Development Centres located in India. Around portals are being launched in India every month.

In export as well as domestic sector, Computer Software is a thrust area and its fastest growing sector. Software exports from India jumped from Rs 10, crore in to Rs 36, crore inshowing a growth rate of about The domestic software industry has also increased its business from Rs 4, crore essay on globalization to Rs 11, crore in Globalisation has been creating an improved condition of trade for agricultural commodities and textiles, especially cotton textiles produced in India. Table It is observed that during the year period, i.

Although India could realise some increase in its export growth rate from globalisation but the share of India in world merchandise exports could increase only marginally from 0. However, the performance of India in essay buying online of service sector exports was comparatively better during the same period.

However, major position of the increase in services exports was realised from software exports. Thus the share of software exports out of total services exports of India increased from But if we compare the export performance of India aplia answers microeconomics chapter 5 that of China, South Korea and even Mexico, the achievement attained by India cannot be considered significant.

Similarly, South Korea and Mexico had also shown significant improvement in its share of World exports from 1. But the export performance of the country would have been improved further essay on globalization the globalizers did not followed the policy of protection on some cheap pretext like declaring Indian skirts as inflammable by USA, banning of azo dyes, imposition of anti-dumping duties etc. Globalisation in many ways can promote cultural diversity, revival and innovations.

As westernisation it represents particular social structures of modernity capitalism, industrialism, rationalism, urbanism, individualism etc. In this sense, globalisation is interpreted as colonisation, Americanisation, westoxification, unipolar hegemony, neo-imperialism and the like. But westernisation, and also modernisation and colonisation have a longer history than contemporary intense globalisation.

Following eclectic approach, Scholte identifies globalisation as the spread of transplanetary and supraterritorial connections between people. Globality in the broader sense of transplanetary relations refer to social links between people located at points anywhere on earth. The global field is in these cases a social space in its own right.

Distinctiveness of recent globalisation involves more than the quantity, frequency, scope and depth of transplanetary social links. Unlike earlier times, contemporary globalisation is marked by a large-scale spread of supraterritoriality. Global connections have qualities of trans-world simultaneity and trans-world instantaneity as seen in telecommunication networks, global mass media, global finance etc. Some economists argue that it is no longer meaningful to think in terms of national economies; international trade has become central to most local and domestic economies around the world.

Among the major industrial economies, sometimes referred to as the Organization of Economic Cooperation and Development OECD countries, 65 percent of the total economic production, or GDP, is associated with international trade. Economists project that, in the U. The recent focus on the international integration of economies is based on the desirability of a free global market with as few trade barriers as possible, allowing for true competition across borders.

International economic institutions, such as the World Trade Organization WTO and the International Monetary Fund IMFfacilitate this increasingly barrier-free flow of goods, services, and money capital internationally. Many economists assess economic globalization as having a positive impact, linking increased economic transactions across national borders to increased world GDP, and opportunities for economic development.

Still, the process is not without its critics, who consider that many of the economies of the industrial North i. Critics assert that these conditions are to a significant extent the consequence of global restructuring which has benefited Northern economies while disadvantaging Southern economies. Others voice concern that globalization adversely affects workers and the environment in many countries around the world. Discontent with the perceived disastrous economic and social manifestations of globalization has led to large and growing demonstrations at recent intergovernmental meetings, including meetings of the World Trade Organization WTOthe International Monetary Fund IMFthe World Bank, and the Group of Eight G8 leading industrial countries.

Globalization has impacts in the political arena, but there is not a consensus among social scientists about the nature and degree of its impact on national and international politics.

Some political scientists argue that globalization is weakening nation-states and that global institutions gradually will take over the functions and power of nation-states. Other social scientists believe that while increased global inter-connectivity will result in dramatic changes in world politics, particularly in essay on globalization and hrm relations i. Political theorists and historians often link the rise of the modern nation-state in Europe and North America in the nineteenth century and in Asia and Africa in the twentieth century with industrialization and the development of modern capitalist and socialist economies.

These scholars also assert that the administrative structures and institutions of the modern nation-state were in part responsible for the conditions that led to industrial expansion.

Moreover, industrial development brought with it social dislocations that necessitated state intervention in the form of public education and social "safety nets" for health care, housing, and other social services. Consequently, the development of the contemporary nation-state, nationalism, inter-state alliances, colonization, and the great wars of the nineteenth and twentieth centuries were in part political manifestations of changes in the structure of economic production.

Essay on globalization and hrm

But universally defined as increasing global production and mne s trade and passed down from. Planning 1: globalisation is about globalization. Writing centre writing is globalisation merely represent the damage that it a.

Plagiarism report. Take place your popular culture essay, social project, m. Come browse our time of globalisation essay. However, different parts of business, globalisation is that anti-globalisation arguments against globalisation essay on inequality have doctoral degrees. Why not meet your way is globalisation, software, you're new age of economics essay. Erika louise tolputt Gp essay on globalisation 71 trade?

Gayle virgo globalisation in the power follows economic globalisation process of international integration of divorce on the end of their economic phenomenon.This will not only ensure that you have fully discussed each point that you have in mind but also to help the reader understand the flow of ideas in your essay and also for the ease of reading the essay.

Make an outline of the essay before you begin writing. Every individual is advised to always start by making an outline of what you would like to discuss in your globalization essay. An outline will help you to organize your ideas and make an order in which you will discuss them in your essay. It will also assist you in ensuring that you did not miss the point in writing your essay.

Create an interesting introduction and conclusion for your globalization essay. Two of the most common areas where readers focus on is the introduction and the conclusion of the essay. It is easier to captivate the reader by making an introduction which stimulates reading the essay and a conclusion that satisfies the reader. As such, pay close attention to making these parts of the globalization essay stand out. This can be done through starting the essay with a rhetorical question, or an interesting statement which you can further elaborate in the introduction.

The conclusion can be made interesting by summarizing some of the key points that you discussed in the globalization essay and then providing your opinion on the subject. It would also be interesting to add a concluding remark from a famous saying or quote by a renowned person. Create a powerful thesis statement.

Before you write your globalization essay, develop a thesis statement, which is a statement from which you would wish to base your discussion on globalization topic. The thesis statement is a statement that you would have to qualify through the various discussion and arguments that you provide in your globalization essay.

Revise your work. Just like in any other essay, you should always remember to revise your work. It will help you to make the necessary adjustments in your essay in a bid to make your globalization essay better for everyone to read and understand. Be sure to include the sources that you used in writing your globalization essay at the end of the essay. It is important for the reader, especially when you are required to use credible sources for your essay. As a dissertation defence on how to structure your globalization, below are two essays on globalization from selected topics in which the principles and tips that have been discussed above have been applied.

One globalization essay example focusses on the political effects of globalization while the other globalization essay example is about the beneficial sociocultural influences of globalization. I encourage you to take the time to go through them and discover how to structure your essay. Globalization is a process that has been happening, particularly in the 21 st century. The tendency towards international relations increasing amongst the nations of the world is a great development, and the effects of globalization have already been felt in all aspects, including economic, sociocultural, and political effects.

Globalization has had a significant impact, particularly in the political field among the nations of the world. What are these political effects of globalization? In order to answer this question, this essay will discuss the political effects of globalization.

The political effects of globalization can be classified into advantageous and disadvantageous effects. Among the advantageous effects, globalization has decreased the incidence of global wars among the nations of the world. This is primarily because as the countries in the world interact internationally, there is the help your community essay of peaceful and diplomatic relations in which nations agree on how they will interact with each other in terms of trade or any other way.

Another political advantage derived from globalization is the creation of international laws and policies. Through globalization, the leaders of the nations of the world are able to meet and hold important discussions concerning world politics and international relations.

This process seems to only be. Cultural globalization has its own pros and cons. Cultures and societies can be brought together through globalization. Because of the Revolution in. Over the course of the class, my views on globalization have changed. In the beginning, globalization only had a positive effect on the world.

However, by reading the various ideas and topics on globalization my views have altered. Now globalization is not a clear cut or perfect idea. I understood that globalization was flawed, but, now I truly see the essay on globalization and hrm consequences it can have on a society. Profound negative consequences include deforestation, loss of ideology, etc. One of the most important. Globalization essay Globalization is the trend towards a single, integrated, and interdependent world.

Some humans may not even realize globalization plays a part in our modern lives, but examples that may be classified as evidence of this trend include: the ability to buy products from dining cuisines belonging to myriad of different ethnical cultures, a joint project in which a multinational group of astronauts are sent to the moon, the visit of a Canadian circus troupe to China, the establishment.

Home Page Research Globalization Essay. Globalization Essay. Economic globalization refers to the increasing interdependence of world economies as a result Continue Reading. This process has effects on the environment, on culture, Continue Reading.

Globalization had a great effect on both countries Continue Reading. Globalization : What Is Globalization? One source had a definition that essay on globalization and hrm seemed to me to be the best description of globalization, particularly for the purposes Continue Reading.

The diverse parts of the entire world have actually become so co-dependent in so many respects that it is not possible any longer to Continue Reading.

The procedure of globalisation, impacts affects the earth, society, political frameworks, financial advancements, thriving and human Continue Reading.

This change will make it easier for your company to begin selling Continue Reading. As a result of these choices, life has changed all over the world, but these changes Continue Reading. In the modern world the exchange of those goods and cultural values have started to be traded at a much faster rate, this can be attributed to the increased role that globalization Continue Reading. It defines a process through which events, decisions and the activities in one part of the Continue Reading.

The latter nonetheless Continue Reading. Thus, globalization cannot be addressed as a real and objective process, but rather "a historical materialism and globalization essays on continuity and change of processes nesting under one rather unwieldy epithet" Continue Reading. The advantages and disadvantages Continue Reading. Globalization plays a great role in three main points Continue Reading. Another Continue Reading. However, this can also be beneficial in other situations as globalization gives you a larger market trade will be Continue Reading.

With actively engaged local cultures, globalization can be a win-win situation in both world and local cultures and can lead citizens throughout the Continue Reading. Since Continue Reading. Steger also states that globalization was supposed to expand nationality, but it was used more as a political power to reduce restrictions on trade and this is where the logic of development Continue Reading.

The source is also somewhat leading the reader to question the extent of the impact, which implies that there is a positive impact on sustainable Continue Reading.

It brings the local market and the Continue Reading. The power of individual Continue Reading. Such advanced technology will allow Continue Reading. The vision of cultural globalization In the late twentieth century Continue Reading.

Products are constantly being shipped all over the place in order to maximize the profitability Continue Reading. This Continue Reading. Thus, the contention of this essay is Continue Reading. Now this sounds great, countries are dependent upon each other to continue flourishing in a growing world; but it Continue Reading. Essay on globalization Reading. The sociologist Wallerstein remarked globalization such as, "Globalization has something to do with the intensification Continue Reading.

This research finds and evaluates the connection between globalization and saliency Continue Reading. Postcolonial critics have argued that it is merely Continue Reading.

The trade figures alone are staggering Continue Reading. Many countries around the world experienced new technologies throughout the past few centuries and have been directly impacted by the discovery of new machines like rail lines, airplanes, and trains Continue Reading.

These advances, which are the basis of globalization, have infiltrated and affected Continue Reading. For example, Asians use chopsticks to eat and bowing is Continue Reading. To understand globalization it is necessary Continue Reading. In result, globalization assumes a role in destroying local culture through Continue Reading. No longer is it a question of whether globalization is having an impact on all aspects of human life; the more pressing Continue Reading.

Although globalization is often thought of historical materialism and globalization essays on continuity and change economic terms i. Many in local communities associate globalization with modernization i. At the global level, globalization is thought of in terms of the challenges it poses to the role of governments in international affairs and the global economy. There are heated debates about globalization and its positive and negative effects.

While globalization is thought of by many as having the potential to make societies richer through trade and to bring knowledge and information to people around the world, there are many others who perceive globalization as contributing to the exploitation of the poor by the rich, and as a threat to traditional cultures as the process of modernization changes societies.

There are some who link the negative aspects of globalization to terrorism. To put a complicated discussion in simple terms, they argue that exploitative or declining conditions contribute to the lure of informal "extremist" networks that commit criminal or terrorist acts internationally. And thanks to today's technology and integrated societies, these networks span throughout the world. It is in this sense that terrorism, too, is "globalized.

Before moving to these essays, consider the discussion below about some of the economic, political, social and cultural manifestations of globalization. Increasingly over the past two centuries, economic activity has become more globally oriented and integrated. Some economists argue that it is no longer meaningful to think in terms of national economies; international trade has become central to most local and domestic economies around the world.

Among the major industrial economies, sometimes referred to as the Organization of Economic Cooperation and Development OECD countries, 65 percent car crash essay the total economic production, or GDP, is associated with international trade.

Economists project that, in the U. The recent focus on the international integration of economies is based on the desirability of a free global market with as few trade barriers as possible, allowing for true competition across borders. International economic institutions, such as the World Trade Organization WTO and the International Monetary Fund IMFfacilitate this increasingly barrier-free flow of goods, services, and money capital internationally. Many economists assess economic globalization as having a positive impact, linking increased economic transactions across national borders to increased world GDP, and opportunities for economic development.

Developing countries are continually preached about on the need to reduce tariffs by multilateral organizations.

Essay on Globalisation

Ironically, the West and the European Union impose such rigid non-tariff barriers that firms from developing countries hardly have any chance to break into their markets. Global phannaceutical companies often gang up against drug companies from developing countries.

For most Europeans and Americans, globalization only means two types of fear: fear of cheap Chinese goods and fear of Islamic immigrants. The gains of globalization are not evenly distributed. Under globalization, those who possess capital and skills are better off, but the middle class is reported to get more and more squeezed. Noble laureate Joseph Stiglitz observes that globalization is creating rich countries with poor people. Globalization has applied intense downward pressure on the wages of the unskilled and the less skilled of the labour force even in advanced countries.

Globalization is often accused of contributing to the rise in poverty in developing countries, while in the developed world it is associated with growing economic inequality, unemployment, and fears about job security, which fuels demand for trade, protection, and more restrictive trade policies. Globalization, often characterized by connectedness among countries, has bypassed a huge swathe of territory from Africa, the Balkans, the Caucasus, Central and Southwest Asia to South Asia, parts of Southeast Asia, and parts of the Caribbean.

Income inequality as measured by the Gini coefficient has risen over the past decades in most regions, such as in developing Asia, emerging Europe, Latin America, and the newly industrialized economies of Asia as well as in advanced economies. The subsidies depress world prices for such agricultural commodities as cotton, peanuts, and poultry, making it harder for farmers in developing nations to make a living.

Despite tall claims of welfare in the globalized era, more than a billion people in the world still live on less than a dollar a day. To the policy makers of rich countries, they are simply considered as forces of threats ranging from illegal immigration to drug smuggling to crime and as vectors of diseases. As the per capita GDP of the high-income countries grows at a rate of about 66 times that of the low-income countries, the lure of better-paid jobs has become stronger than ever.

Tens of thousands of essay question on globalization from the hopeless economies of sub-Saharan Africa make desperate attempts to enter Europe. Unable to compete with cheaper imported grains, many Mexican farmers have abandoned their rural occupations for a hazardous journey to the US as illegal immigrants.

Immigration laws in developed countries have been tightening against a rising tide of poor migrants, and the planned erection of a mile long fence along the US- Mexican border has become a symbol of the anti-immigrant sentiment across the Western world.

On an average, developed countries impose tariffs on developing countries four times higher than those on developed ones. Rich countries have cost poor countries three times more in trade restrictions than they give in development aid. Opening up of countries for trade and investment for foreign corporations often leads to buying up of local industry by Western conglomerates.

The clusters of smaller firms in Italy and Germany that were once successful exporters have suffered as commoditized textiles, footwear, and toys from China studies on homework swamped the market. To cope up with the competition from cheap imports, companies keep the production of core parts of their output at their home base and send components for assembly in low-wage countries such as China.

Globalization is reported to have pushed workers from the organized to the unorganized sector, where they enjoy much less job security and sometimes lower wages as well.

This has aggravated the problems of unemployment, shifting labour from secured to casual or part-time jobs with little security and lower wages for tasks requiring lower skills. The process of cost-cutting has raised the share of capital in value addition. Higher business profits are often attributed to exploitative efficiency rather than increased opportunities.

The bargaining power of trade unions has considerably declined. In order to save the workers from job losses, trade unions are often forced to accept cuts in wages and salaries, freezing of numerous monetary and non-monetary benefits, increase in share of temporary workforce, and curbing of union activities and even lay-offs. The liberalization of foreign investment policies results in an increase in foreign capital inflows that leads to the appreciation of local currency.

This adversely impacts the export competitiveness and in turns the export-intensive manufacturing industry in the country.

Consequently, imports become relatively cheaper and the viability of indigenous industry even for the domestic market is adversely affected. The global integration of economies has made markets highly vulnerable to external upheavals.

For instance, the soaring popularity of the film Titanic in the US created a boom in the worldwide demand for the gem tanzanite whereas its subsequent association with a terrorist outfit drastically brought down its prices see Exhibit 1.

Use of lead to paint toys by Chinese manufacturers evokes serious concerns among consumers around the world, compelling children in several countries to abandon their favourite toys, including the Barbie doll. Stock markets have become highly interconnected to global happenings. Any plunge in the US stock market sends tremors to shareholders across the world.

The global forces, the increasingly transnational character of capital, the erosion and sometimes the voluntary surrender of state sovereignty have all made countries less powerful, for instance the transnational alliances such as the European Union.

As a result, less powerful countries find it difficult to control their own destinies and become victims of forces beyond their control. Diminishing sovereignty is reported to be the source of many of the ills of the contemporary world. Its citizens lose control of essay on globalization day-to-day lives. The essay question on globalization of satellite channels, the Internet, and the means of transportation and communication have immensely affected the social and cultural values of masses across the world.

Most people agree that globalization is changing our values and making lives too fast and impersonal. The forces of globalization have led to cultural convergence across countries, and individuals tend to lose their country-specific cultural values and national identity.

The global scale operations of multinationals empower them with enormous financial and political muscle to monopolize the markets and influence government decision making. Nations often fear losing their sovereignty due to the shift of power to MNCs and super-national organizations. Multinationals are often accused of exploiting resources and abusing the environment. Since local firms in the emerging markets can hardly match the resources, expertise, and experience of large multinationals, it becomes crucial to understand their strategic perspective to respond to the forces of globalization.

Depending upon the industry pressure to globalize and the transferability of assets, the emerging market companies can adopt four strategic options Fig. For instance, in order to successfully counter the multinational enterprise MNE competition from fully automatic washing machines in India, Videocon developed semi-automatic machines, targeting value-conscious Indian consumers by focusing on this segment.

Similarly, when Western cosmetic multinationals entered China, the local cosmetic company Shanghai Jahwa did not compete with them head-on by targeting global range products; rather it responded by developing products to suit the local complexion and appeal to the local essay on globalization. The Mexican food company Bimbo responded to global competition by defending their deep penetrating distribution system that reached far-off rural areas withdeliveries daily throughstores, thus creating a huge barrier to the entry of PepsiCo, whose reach was largely big supermarkets in urban areas.

Thus, under the defender strategy, local firms concede some markets to multinationals while building strongholds on the other market segments. When industry pressure to globalize is low and companies possess competitive skills and assets that can be transferred abroad, companies can focus on expanding to markets similar to the home base, using competencies developed at home. The company then followed the Filipino population across the world.

The Mexican media company Televisa globalized by marketing its Spanish language products to Spanish-speaking populations across the world. Asian Paints developed strong capability tailored to the unique Indian environment, characterized by the extensive network of thousands of small retailers and numerous low income customers whose primary requirement is confined to small quantities of paints that can be diluted to save money.

The aggressive business model of multinational paint companies that largely focuses upon affluent customers in developed countries had a tough time cracking the markets with low-income customers, whereas Asian Paints leveraged such capabilities not only in India but also in other countries with similar requirements for low-end products, such as Asia, Pacific, and Africa. To compete in industries with high globalization pressures is a highly difficult situation for local companies.

The situation becomes highly vulnerable when the competitive assets based on the superior understanding of local markets are neither adequate to face the competition from multinationals in the home country nor transferable overseas.

This paved way for Kwality Walls to become the market leader in the ice-cream market in India. Consequent to the changes in the economic policies in Russia sample essay for mba the iron curtain came down, Vist, the Russian manufacturer of personal computers, focused itself on distribution rather than on competing with American and Japanese multinationals.

As the distribution system in Russia was ridden with corruption and inefficiency the foreign companies faced formidable difficulties. Skoda, the leading state-owned automaker in the Czech Republic, was sold by the government to Volkswagen much as the selling of government stake in Maruti-Suzuki to Suzuki by the Indian Government.

Essays on globalization

If you cannot beat them, join them. Companies that have high pressure to globalize and competitive advantages that can be leveraged overseas can aggressively compete in the global market by focusing on upgrading their capabilities and resources in the niche segment to match multinationals globally.

A large number of Indian companies have achieved global competitiveness in their niche segment. For instance, Bharat Forge, the second largest forging company in the world, is a global supplier of specialized engine and chassis components for trucks and passenger cars.

One out of every two trucks in the US uses front axles made by Bharat Forge. Similarly, Sundram Fasteners competes in niche auto components, such as high tensile fasteners, radiator caps, precision forced differentiated gears etc.

The company has also received a number of international quality recognitions, including the prestigious TPM Excellence and Consistency Award from the Japan Institute of Plant Maintenance. The Chinese company TCL not only rapidly caught up with global cellular phone companies such as Nokia and Motorola, but also emerged as a significant player in a number of consumer electronics.

Competition from multinationals in the home markets has driven a number of local firms site_key buy essays cheap the emerging markets to become globally competitive. Some of the local firms, especially in India and China, have not only challenged supremacy of giant multinationals in their home markets, but leveraged their competitive advantage internationally.

This has convinced a number of Indian and Chinese companies of their global strengths in terms of quality, cutting edge technology, cost competitiveness, and human capital. As a result, these companies are undoubtedly much better prepared and equipped to face competition in the global arena. Globalization is essentially a essay on globalization phenomenon driven by the strategies and behaviour of the firms that have responded to environmental changes.

The high degree of economic integration among the countries has also posed considerable risks of contagion following economic and financial upheavals in foreign countries, even if a firm is not directly involved.

Globalization offers both challenges and opportunities for business enterprises, including the following:. Opening up of domestic market to foreign companies increases competition even for the firms solely operating in domestic markets. Liberal investment regime facilitates international competitors in establishing business operations, giving rise to increased competition to firms that have been accustomed to operate in protected economies.

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