Globalization has fast-tracked economic integration among various countries around the world with an exponential increase in free trade, overseas investments, capital flows from developed to developing countries, monetary and fiscal deals as well as changes in the information communication and technology (ICTs).
Globalization has been embedded virtually in all measures of life – from individuals to businesses, institutions, organizations, state, and government. The flow of ideas, information, things, and goods has increased significantly.
After World War II, there have been lot of work by politicians that led to the agreement for the Bretton Woods Conference, in which major governments set down the framework for international monetary policy, commerce, finance and the formation of several international institutions such as The United Nations, The World Bank, The International Monetary Fund, and the General Agreement on Tariffs and Trade (GATT) these have made significant paradigm shifts and developments in the global economies.
Rising globalization has more been promoted by fast-changing contemporary ICTs and the economic policies supported by the ideas of neo-liberalism. Because of these two developments, the globalization has captivated the big corporations and companies, and it has been very integral part and has made its roots entrenched. Furthermore, capitalizing on the politicians has captured the wealth and resources.
Today’s businesses have all been shifted to Information, Communication, and Technology (LCT) and in the last fifty years, it has witnessed a tremendous progress in globalizing the world businesses, trades, and economies.
In our days, the economies depend on the information because the development of computers, the internet, satellite communications, and telecommunications have all contributed a lot to the fast flow of information and data transfer from one country to another. The global news events and monetary transactions happen instantly across the globe.
Around the world today neo-liberal economic ideas dominate that help flourish globalization. This notion is based on free markets and trade, trifling government involvement and regulation. Not only are this but its more domains, it accentuates the competition, profitability, efficiency and growth. Ultimately, the beneficiaries of these policies are rich and high-fi business community.
The idea of globalization has unified the world economies through the power of ICTs. The international infrastructures have changed the system of free trade, which allows the increased flow of goods and financial transactions. The main actors in this domain are the states, multinational companies, and investment banks that share the same economic philosophy.
The trajectory of Pakistan’s economy is growing to contribute to the reduction of poverty since last the few years. But its pace is sluggish because we lag behind in the advancement of present-day technologies that cause thriving of the economy.
Presently, we are expecting a lot from the China-Pakistan Economic Corridor (CPEC). As it would make Pakistan’s economy globalized through familiarizing with new packages of information, communication, and technology. One of its initiatives has already been carried out in the shape of demutualisation and divestiture of Pakistan stock exchange.
Since the implanted ideology of globalization and neo-liberal economic policies has caused inequality and widen the gap between the rich and the poor in Pakistan. That today, there are 44 richest people in Pakistan against around 190 million populations.
To compete with accelerating global economy and to make it sustainable, we need to progress in the field of information communication and technology because, in future, the whole economy is going to be more digitized, globalized and ICTised.