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Globalisation and Social Change

c. The electronic economy

The electronic economy’ is another factor that underpins economic globalisation. Banks, corporations, fund managers and individual investors are able to shift funds internationally with the click of a mouse. This new ability to move ‘electronic money’ instantaneously carries it with great risks however. In India often this is discussed with reference to rising stock markets and also sudden dips because of foreign investors buying stocks, making a profit and then selling them off. Such transactions can happen only because of the communication revolution, which we discuss later.

ACTIVITY 6.2

Make a list of products that you either use or have seen in the market or seen advertised which are produced by transnational corporations. You can make a list of products such as:

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Shoes

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Cameras

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Computers

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Televisions

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Cars

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Music Systems

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Cosmetics like soaps or

shampoos

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Clothes

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Processed Food

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Tea

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Coffee

¾ Milk Powder

d. The Weightless Economy or Knowledge Economy

In contrast to previous eras, the global economy is no longer primarily agricultural or industrial in its basis. The weightless economy is one in which products have their base in information, as in the case with computer software, media and entertainment products and internet- based services. A knowledge economy is one in which much of the workforce is involved not in the physical production or distribution of material goods, but in their design, development, technology, marketing, sale and servicing. It can range from the neighbourhood catering service to large organisations involved in providing a host of services for both professional meets like conferences to family events like weddings. We have a host of new occupations that was unheard of a few decades ago, for instance event managers. Have you heard of them? What do they do? Find out about other such new service.

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