e. Globalisation of finance
¾ Count the number of channels on television that are business channels and provide updates on stock markets, flows of foreign direct investments, financial reports of various companies etc. You can choose whether you wish to focus on an Indian language channel or English channels. ¾ Find out the names of some financial newspapers. ¾ Do you see any focus on global trends? Discuss. ¾ How do you think these trends have affected our lives.
It should also be noted that for the first time, mainly due to the information technology revolution, there has been a globalisation of finance. Globally integrated financial markets undertake billions of dollars worth transactions within seconds in the electronic circuits. There is a 24-hour trading in capital and security markets. Cities such as New York, Tokyo and London are the key centers for financial trading. Within India, Mumbai is known as the financial capital of the country.
Social Change and Development in India
BOX 6.2 Most of us make our money from thin air: we produce nothing that can be weighed, touched or easily measured. Our output is not stockpiled at harbours, stored in warehouses or shipped in railway cars. Most of us earn our livings providing service, judgement, information and analysis, whether in a telephone call centre, a lawyer’s office, a government department or a scientific laboratory. We are all in the thin-air business.
Source: Charles Leadbeater 1999 Living on Thin Air: The New Economy (London: Viking)
EXERCISE FOR BOX 6.2
Find out from your immediate neighbourhood the kind of jobs young adults do. List them. How many do you think is engaged in some form of service providing? Discuss.
Find out from your class the kind of future plans that your classmates have. Discuss with reference to the idea of a weightless economy.
Important advances in technology and the world’s telecommunications infrastructure has led to revolutionary changes in global communication. Some homes and many offices now have multiple links to the outside world, including telephones (land lines and mobiles), fax machines, digital and cable television, electronic mail and the internet.
Some of you may find many such places. Some of you may not. This is indicative of what is often termed as the digital divide in our country. Despite this digital divide these forms of technology do facilitate the ‘compression’ of time and space. Two individuals located on opposite sides of the planet – in