Globalization the business mantra.

As I look around in my house, I find US TV, Swiss watch, German washing machine, Belgium chocolates, Korean fridge, Japanese car, Italian designer clothes, Spanish sanitary ware, etc. All this is an offshoot of globalization, with which our lives are positively impacted and we are in interesting times. This was cleverly forecasted by Adam Smith in his classic “The Wealth of Nations” wherein he speaks about “absolute advantage.” This is inevitable in today’s world where every economy strives to its best efforts to produce goods and services and thus an exchange of trade happens. Of course, we have seen the ugly side of it in case of Monsanto seeds, consumerist society without values, and agricultural subsidies by the western countries which push the third world countries on the back foot. Globalization has to be cleverly managed to reap the benefits.