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Spanish Florida (Spanish: La Florida) refers to the Spanish territory of Florida, which formed part of the Captaincy General of Cuba, the Viceroyalty of New Spain, and the Spanish Empire. Originally extending over what is now the southeastern United States, but with no defined boundaries, Florida was a component of the Spanish colonization of the Americas and the expansion of the Spanish Empire. Wide-ranging expeditions were mounted into the hinterland during the 16th century, but Spain never exercised complete control over Florida outside an area of what is now the State of Florida, southern Georgia, southern Alabama, southern Mississippi southeastern Louisiana, and other areas along the northern coast of the Gulf of Mexico.
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The West Bank is a territory in the Middle East constituting the area west of the Jordan River annexed by Jordan at the end of the 1948 Arab-Israeli War. The territory formed part of Jordan from 1948 to 1967, after which it was captured by Israel in the 1967 Six-Day War. It is currently controlled by Israel though much civil control over substantial areas was granted to the Palestinian Authority; together with the Gaza Strip it forms the Palestinian territories at the center of the Israeli-Palestinian conflict. The status of East Jerusalem is controversial: it meets the above description of territory constituting the West Bank, but has been annexed by Israel, so Israel no longer considers it part of the West Bank; however, the annexation is not recognized by the United Nations or any individual country. In either case, it is often treated as separate from the West Bank due to its importance; for example, the Oslo Peace Accords treat the status of East Jerusalem as a separate matter from the status of the other Palestinian territories, to be resolved at a later undetermined date.
Some people, especially those who support Israeli settlement in and annexation of the territory, prefer the term Judea and Samaria, and the name Cisjordan is also used for the region in some languages (e.g. French).
The West Bank is considered by the United Nations and most countries as occupied by Israel, though some Israelis and various other groups prefer to refer to it as “disputed” rather than “occupied” territory. The West Bank is inhabited by Arabs, Jews, and other ethnic groups (see Palestinians). The majority of Arabs living in the West Bank are refugees or their direct descendants, who fled Israel during the 1948 Arab-Israeli War (see Palestinian exodus).
The most densely populated part of the region is a mountainous spine, running north-south, where the cities of East Jerusalem, Nablus, Ramallah, Bethlehem, and Hebron are located. Jenin, in the extreme north of the West Bank is on the southern edge of the Jezreel Valley, Qalqilyah and Tulkarm are in the low foothills adjacent to the Israeli coastal plain, and Jericho is situated near the Jordan River, just north of the Dead Sea. Maale Adumim (about 6 km east of Jerusalem) and Ariel (between Nablus and Ramallah) are the largest Jewish towns in the region. See also: List of cities in Palestinian Authority areas
The region did not have a separate existence until 19489, when it was defined by the ceasefire lines between the Israeli and Arab (mostly Jordanian) armies. The name “West Bank” was apparently first used by Jordanians at the time of their annexation of the region, and has become the most common name used in English. The name “Cisjordan” or “Cis-jordan” (literally “on this side of the Jordan”) is the usual name in French, Spanish, and some other languages, the analogous “Transjordan” having historically been used to designate modern-day Jordan. In English, the name “Cisjordan” is also used to designate the entire region between the Jordan River and the Mediterranean Sea, but such usage was extremely rare before the past few decades. The names Judea and Samaria, used by some Israelis, are biblical.
Israelis refer to the region either as a unit: “The West Bank” (Hebrew: “ha-Gada ha-Ma’aravit” ” “), or as two units: Judea (Hebrew: “Yehuda” “”) and Samaria (Hebrew: “Shomron” “”), after the two biblical kingdoms (the southern Kingdom of Judah and the northern Kingdom of Israel the capital of which was, for a time, in the town of Samaria). The border between Judea and Samaria is a belt of territory immediately north of Jerusalem sometimes called the “land of Benjamin”.
The Arab world, and especially the Palestinians, strongly objects to the terms Judea and Samaria, the use of which they deem to reflect Israeli expansionist aims. Instead, they refer to the area as “the occupied West Bank of the Jordan River,” emphasizing that the area is under Israeli military control and jurisdiction (see “occupied Palestinian territories”).
The West Bank has been the object of negotiation, terrorism, and war.
The future status of the West Bank, together with the Gaza Strip on the Mediterranean shore, has long been disputed, though almost everyone agrees that the area is heading for statehood (see proposals for a Palestinian state).
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I’ve long wanted to write about Justina Cassavell. My sister has been the cross-country coach at Voorhees High School in New Jersey since the mid 1990s. She is also the head track coach (boys and girls). She announced her resignation yesterday – within minutes it seemed, the story was posted on NJ.com.
Under her leadership, the girls cross-country team has been one of the best teams in not just the state, but in the northeast. One local paper summed up her accomplishments: “Cassavell is recognized as one of the top coaches of distance runners, male or female, in New Jersey state history.” She was inducted into the NJSIAA Athletic Coaches Hall of Fame. Her team has won [thirteen] state sectional titles, nine state titles, and three Meet of Champions (all group) titles (thanks to my brother-in-law for keeping the stats!). In recent years, they’ve also qualified for national competitions three times (placing first or second in the northeast in 2007, 2010 and 2012). In addition, she’s coached individual runners on her teams to national ranking and helped them establish a foundation for their development as college athletes.
My sister is known for helping runners realize their talent (e.g. gifted athletes like Liz Wort who graduated from Duke in 2007, was a 3-time all-American in the steeplechase and is now head cross-country coach at TCU, and Melanie Thompson, a University of Oregon runner and 2-time All American, also in the steeplechase). But my sister is also known for cultivating the good runner, the life-long runner. Running, I’ve heard her say again and again, should make you happy. I’ve also heard her say that she thinks of herself as a coach who really enjoys coaching a team.
That’s a special thing: because that coach takes an interest in the All-American but also in the struggling athlete, the injured, and the ordinary hard-worker. She knows that a good runner can be any and all of these things. Journalists covering high-school sports in the area tend to describe her as a “whisperer” – signaling the degree to which such attentive coaching seems like magic in a world that sells us pretty much one vision of what an effective coach looks like (a man) and does (yells, a lot) in the service of a single aim (win at all cost).
In his most recent column, Dave Zirin argues that youthsports culture seems to cultivate aggressionof the worst sorts. Increasingly, people experience youth sports as an apparatus that enables the abuse of power and authority. (My experience with AYSO in Los Angeles sadly affirms this.) Even as youth sports operates in American mythology as a kind of idyll – as a place we imagine as innocent and good – the reality is quite different. Zirin asks, “Why do 70 percent of kids quit youth sports by age 13? Why do parents get so unbelievably nasty? Why, and this is the most serious point, can it turn suddenly violent?”He writes:
Over the past fifteen+ years, I’ve loved going to watch the Voorhees girls run. There’s something so perfect about a cross-country meet. About being outdoors, about running along the course to cheer. About watching teams try. I love seeing how teams gather together at the end of the race – how the older athletes look after the younger ones. How kids look after teammates with different needs, how they lift each other’s spirits. It’s so damned nice to be reminded of what youth sports can be.
As a person coaching teenagers, my sister quite literally coaches her athletes from childhood to adulthood. The high school coach has an incredible responsibility. I think she’s really joyed in watching the people on her team mature, take responsibility for themselves and each other. If she likes to coach a team, perhaps that’s why – part of being an adult involves learning to understand oneself in relation to, among others. Cross country is just a cool sport when it comes to that balance of the self with others. Nobody can run for you; everybody needs you to run your best.
While my sister is eloquent on the thing that makes for a great competitor (the insane drive that will make a runner not just want but need to win the race) she has dedicated years of her life to helping young women find balance, to run their best, together.
When I go home, I run with my sisters (both of whom ran track at Rutgers, my other sister worked with autistic children for years, and is an equally gifted teacher). Justina has taught me to keep myself relaxed, to take hills slowly, to let myself take my time so I can run long (after one session in which she talked about pace, I nearly doubled the amount of time I was able to run). I learned to listen to my body. I learned to notice when I was holding myself back.
Running with Justina has helped my writing. It’s helped me to take notice when I begin to move away from trying. When I think I can’t do something, I put on my shoes and run. It seems like an escape, but it’s really a kind of meditation. A practice, a way to tune in. The things you learn from having a holistic approach to a sport carry over into other areas of your life. We hear that all the time. But there’s something to it: you don’t just work out a problem through the mind or the body. You can work something out in one domain and bring the wisdom you found there to the other. Sometimes you need to do both at once, to trust yourself and give it a shot. She’s the person that taught me this.
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The Tuesday raid was the second on Occupy Miami in the past six weeks. On January 31, Miami-Dade cops evicted protesters from Government Center. This time it was City of Miami police officers that arrived in SWAT vans and emerged with their assault rifles drawn.
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Gaza (Arabic: azzah, IPA:[azza], Ancient Greek ), also referred to as Gaza City, is a Palestinian city in the Gaza Strip, with a population of 515,556, making it the largest city in the Palestinian territories. Inhabited since at least the 15th century BC, Gaza has been dominated by several different peoples and empires throughout its history. The Philistines made it a part of their pentapolis after the Ancient Egyptians had ruled it for nearly 350 years. Under the Romans and later the Byzantines, Gaza experienced relative peace and its port flourished. In 635 AD, it became the first city in Palestine to be conquered by the Rashidun army and quickly developed into a centre of Islamic law. However, by the time the Crusaders invaded the city in the late 11th century, it was in ruins. In later centuries, Gaza experienced several hardshipsfrom Mongol raids to floods and locusts, reducing it to a village by the 16th century, when it was incorporated into the Ottoman Empire. During the first half of Ottoman rule, the Ridwan dynasty controlled Gaza and under them the city went through an age of great commerce and peace. The municipality of Gaza was established in 1893.
Gaza fell to British forces during World War I, becoming a part of the British Mandate of Palestine. As a result of the 1948 ArabIsraeli War, Egypt administered the newly formed Gaza Strip territory and several improvements were undertaken in the city. Gaza was captured by Israel in the Six-Day War in 1967, but in 1993, the city was transferred to the Palestinian National Authority. Months following the 2006 election, an armed conflict broke out between the Palestinian political factions of Fatah and Hamas, resulting in the latter taking power in Gaza. Egypt and Israel consequently imposed a blockade on the Gaza Strip. Israel eased the blockade allowing consumer goods in June 2010, and Egypt reopened the Rafah border crossing in 2011 to pedestrians.
The primary economic activities of Gaza are small-scale industries, agriculture and labor. However, the economy has been devastated by the blockade and recurring conflicts. Most of Gaza’s inhabitants are Muslim, although there is a Christian minority. Gaza has a very young population with roughly 75% under the age of 25. The city is currently administered by a 14-member municipal council.
The name “Gaza” is first known from military records of Thutmose III of Egypt in the 15th century BCE. According to Shahin, the Ancient Egyptians called it “Ghazzat” (“prized city”), and the ancient Arabs often referred to it as “Ghazzat Hashem”, in honor of Hashim, the great-grandfather of Muhammad, who is buried in the city, according to Islamic tradition.
Other proper Arabic transliterations for the Arabic name are Ghazzah and azza. Accordingly, “Gaza” might be spelled in English as “Gazza.”
Gaza’s history of habitation dates back 5,000 years, making it one of the oldest cities in the world. Located on the Mediterranean coastal route between North Africa and the Levant, for most of its history it served as a key entrept of the southern Levant and an important stopover on the spice trade route traversing the Red Sea.
Settlement in the region of Gaza dates back to Tell es-Sakan, an Ancient Egyptian fortress built in Canaanite territory to the south of present-day Gaza. The site went into decline throughout the Early Bronze Age II as its trade with Egypt sharply decreased. Another urban centre known as Tell al-Ajjul began to grow along the Wadi Ghazza riverbed. During the Middle Bronze Age, a revived Tell es-Sakan became the southernmost locality in Canaan, serving as a fort. In 1650 BCE, when the Canaanite Hyksos occupied Egypt, a second city developed on the ruins of the first Tell as-Sakan. However, it was abandoned by the 14th century BCE, at the end of the Bronze Age.
Gaza later served as Egypts administrative capital in Canaan. During the reign of Tuthmosis III, the city became a stop on the Syrian-Egyptian caravan route and was mentioned in the Amarna letters as “Azzati”. Gaza remained under Egyptian control for 350 years until it was conquered by the Philistines in the 12th century BC, becoming a part of their “pentapolis”. According to the Book of Judges, Gaza was the place where Samson was imprisoned by the Philistines and met his death.
After being ruled by the Israelites, Assyrians, and then the Egyptians, Gaza achieved relative independence and prosperity under the Persian Empire. Alexander the Great besieged Gaza, the last city to resist his conquest on his path to Egypt, for five months before finally capturing it 332 BCE; the inhabitants were either killed or taken captive. Alexander brought in local Bedouins to populate Gaza and organized the city into a polis (or “city-state”). Greek culture consequently took root and Gaza earned a reputation as a flourishing center of Hellenic learning and philosophy.
Gaza experienced another siege in 96 BCE by the Hasmonean king Alexander Jannaeus who “utterly overthrew” the city, killing 500 senators who had fled into the temple of Apollo for safety.Josephus notes that Gaza was resettled under the rule of Herod Antipas, who cultivated friendly relations with Gazans, Ascalonites and neighboring Arabs after being appointed governor of Idumea by Jannaeus. Rebuilt after it was incorporated into the Roman Empire in 63 BCE under the command of Pompey Magnus, Gaza then became a part of the Roman province of Judaea. It was targeted by the Jews during their rebellion against Roman rule in 66 and was partially destroyed. It nevertheless remained an important city, even more so after the destruction of Jerusalem.
The State of Palestine (Arabic: Dawlat Filasin) is a de jure sovereign state that had proclaimed independence on November 15, 1988 by the Palestine Liberation Organization’s (PLO’s) National Council (PNC) in exile in Algiers and was accepted in the UN as “non-member observer state”, following resolution 67/19, upgrading Palestine from an “observer entity”. It claims the Palestinian territories (defined according to the 1967 borders) and has designated Jerusalem as its capital.[ii] The areas constituting the State of Palestine have been occupied by Israel since 1967 in the aftermath of the Six Day War, with the Palestinian Authority exercising limited socio-political administration since 1993.
The 1974 Arab League summit designated the PLO as the “sole legitimate representative of the Palestinian people” and reaffirmed “their right to establish an independent state of urgency.” The PLO held observer status at the United Nations as a “non-state entity” from November 22, 1974, which entitled it to speak in the UN General Assembly but not to vote. After the Declaration of Independence, the UN General Assembly officially “acknowledged” the proclamation and voted to use the designation “Palestine” instead of “Palestine Liberation Organization” when referring to the Palestinian permanent observer. In spite of this decision, the PLO did not participate at the UN in its capacity of the State of Palestine’s government.
In 1993, in the Oslo Accords, Israel acknowledged the PLO negotiating team as “representing the Palestinian people”, in return for the PLO recognizing Israel’s right to exist in peace, acceptance of UN Security Council resolutions 242 and 338, and its rejection of “violence and terrorism”. As a result, in 1994 the PLO established the Palestinian National Authority(PNA or PA) territorial administration, that exercises some governmental functions[iii] in parts of the West Bank and the Gaza Strip. In 2007, the Hamas takeover of Gaza Strip politically and territorially divided the Palestinians, with Abbas’s Fatah left largely ruling the West Bank and recognized internationally as the official Palestinian Authority, while Hamas has secured its control over the Gaza Strip. In April 2011, the Palestinian parties signed an agreement of reconciliation, but its implementation has stalled since.
On November 29, 2012, in a 138-9 vote (with 41 abstentions and 5 absences), the United Nations General Assembly passed resolution 67/19, upgrading Palestine from an “observer entity” to a “non-member observer state” within the United Nations system, and implicitly recognizing PLO’s sovereignty. The new status equates Palestine’s with that of the Holy See; similarly, Switzerland was a non-member observer state for more than 50 years (until 2002).
The UN has permitted Palestine to title its representative office to the UN as “The Permanent Observer Mission of the State of Palestine to the United Nations”, and Palestine has instructed its diplomats to officially represent “The State of Palestine” no longer the Palestine National Authority. On 17 December 2012, UN Chief of Protocol Yeocheol Yoon declared that ‘the designation of “State of Palestine” shall be used by the Secretariat in all official United Nations documents’, thus recognising the title ‘State of Palestine’ as the nation’s official name for all UN purposes. As of 27 September 2013, 134 (69.4%) of the 193 member states of the United Nations have recognised the State of Palestine. Many of the countries that do not recognise the State of Palestine nevertheless recognise the PLO as the “representative of the Palestinian people”. The PLO’s executive committee is empowered by the PNC to perform the functions of government of the State of Palestine.
Since the British Mandate, the term “Palestine” has been associated with the geographical area that currently covers the State of Israel, the West Bank and the Gaza Strip. General use of the term “Palestine” or related terms to the area at the southeast corner of the Mediterranean Sea besides Syria has historically been taking place since the times of Ancient Greece, with Herodotus writing of a “district of Syria, called Palaistine” in which Phoenicians interacted with other maritime peoples in The Histories.
In 1946, Transjordan gained independence from the British Mandate for Palestine. A year later, the UN adopted a partition plan for a two-state solution in the remaining territory of the mandate. The plan was accepted by the Jewish leadership, but rejected by the Arab leaders and Britain refused to implement the plan. On the eve of final British withdrawal, the Jewish Agency for Israel declared the establishment of the State of Israel according to the proposed UN plan. The Arab Higher Committee didn’t declare a state of its own and instead, together with Transjordan, Egypt, and the other members of the Arab League of the time, commenced military action resulting in the 1948 ArabIsraeli War. During the war, Israel gained additional territories that were expected to form part of the Arab state under the UN plan. Egypt occupied the Gaza Strip and Transjordan occupied the West Bank and East Jerusalem. Egypt initially supported the creation of an All-Palestine Government, but disbanded it in 1959. Transjordan never recognized it and instead decided to incorporate the West Bank with its own territory to form Jordan. The annexation was ratified in 1950 but was rejected by the international community. The Six-Day War in 1967, when Egypt, Jordan, and Syria fought against Israel, ended with Israel being in occupation of the West Bank and Gaza Strip, besides other territories.
In 1964, when the West Bank was controlled by Jordan, the Palestine Liberation Organization was established there with the goal to confront Israel. The Palestinian National Charter of the PLO defines the boundaries of Palestine as the whole remaining territory of the mandate, including Israel. Following the Six-Day War, the PLO moved to Jordan, but later relocated to Lebanon after Black September in 1971. In 1974, the Arab League recognised the PLO as the sole legitimate representative of the Palestinian people, and it gained observer status at the UN General Assembly. After the 1982 Lebanon War, the PLO moved to Tunisia.
In 1979, through the Camp David Accords Egypt signaled an end to any claim of its own over the Gaza Strip. In July 1988, Jordan ceded its claims to the West Bank with the exception of guardianship over Haram al-Sharif to the PLO. In November 1988, the PLO legislature, while in exile, declared the establishment of the “State of Palestine”. In the month following, it was quickly recognised by many states, including Egypt and Jordan. In the Palestinian Declaration of Independence, the State of Palestine is described as being established on the “Palestinian territory”, without explicitly specifying further. Because of this, some of the countries that recognised the State of Palestine in their statements of recognition refer to the “1967 borders”, thus recognizing as its territory only the occupied Palestinian territory, and not Israel. The UN membership application submitted by the State of Palestine also specified that it’s based on the “1967 borders”. During the negotiations of the Oslo Accords, the PLO recognised Israel’s right to exist, and Israel recognised the PLO as representative of the Palestinian people. Between 1993 and 1998, the PLO made commitments to change the provisions of its Palestinian National Charter that are inconsistent with the aim for a two-state solution and peaceful coexistence with Israel.
After Israel took control of the West Bank from Jordan and Gaza Strip from Egypt, it began to establish Israeli settlements there. These were organised into Judea and Samaria district (West Bank) and Hof Aza Regional Council (Gaza Strip) in the Southern District. Administration of the Arab population of these territories was performed by the Israeli Civil Administration of the Coordinator of Government Activities in the Territories and by local municipal councils present since before the Israeli takeover. In 1980, Israel decided to freeze elections for these councils and to establish instead Village Leagues, whose officials were under Israeli influence. Later this model became ineffective for both Israel and the Palestinians, and the Village Leagues began to break up, with the last being the Hebron League, dissolved in February 1988.
Globalization (or globalisation) is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. Advances in transportation and telecommunications infrastructure, including the rise of the telegraph and its posterity the Internet, are major factors in globalization, generating further interdependence of economic and cultural activities.
Though several scholars place the origins of globalization in modern times, others trace its history long before the European age of discovery and voyages to the New World. Some even trace the origins to the third millennium BCE. In the late 19th century and early 20th century, the connectedness of the world’s economies and cultures grew very quickly.
The term globalization has been in increasing use since the mid-1980s and especially since the mid-1990s. In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and movement of people and the dissemination of knowledge. Further, environmental challenges such as climate change, cross-boundary water, air pollution, and over-fishing of the ocean are linked with globalization. Globalizing processes affect and are affected by business and work organization, economics, socio-cultural resources, and the natural environment.
Humans have interacted over long distances for thousands of years. The overland Silk Road that connected Asia, Africa, and Europe is a good example of the transformative power of translocal exchange that existed in the “Old World”. Philosophy, religion, language, the arts, and other aspects of culture spread and mixed as nations exchanged products and ideas. In the 15th and 16th centuries, Europeans made important discoveries in their exploration of the oceans, including the start of transatlantic travel to the “New World” of the Americas. Global movement of people, goods, and ideas expanded significantly in the following centuries. Early in the 19th century, the development of new forms of transportation (such as the steamship and railroads) and telecommunications that “compressed” time and space allowed for increasingly rapid rates of global interchange. In the 20th century, road vehicles, intermodal transport, and airlines made transportation even faster. The advent of electronic communications, most notably mobile phones and the Internet, connected billions of people in new ways by the year 2010.
The term globalization is derived from the word globalize, which refers to the emergence of an international network of social and economic systems. One of the earliest known usages of the term as a noun was in a 1930 publication entitled, Towards New Education, where it denoted a holistic view of human experience in education. A related term, corporate giants, was coined by Charles Taze Russell in 1897 to refer to the largely national trusts and other large enterprises of the time. By the 1960s, both terms began to be used as synonyms by economists and other social scientists. It then reached the mainstream press in the later half of the 1980s. Since its inception, the concept of globalization has inspired competing definitions and interpretations, with antecedents dating back to the great movements of trade and empire across Asia and the Indian Ocean from the 15th century onwards. Due to the complexity of the concept, research projects, articles, and discussions often remain focused on a single aspect of globalization.
Roland Robertson, professor of sociology at University of Aberdeen, an early writer in the field, defined globalization in 1992 as:
…the compression of the world and the intensification of the consciousness of the world as a whole.
Sociologists Martin Albrow and Elizabeth King define globalization as:
…all those processes by which the peoples of the world are incorporated into a single world society.
In The Consequences of Modernity, Anthony Giddens uses the following definition:
What is Globalization?
Globalization means the coming together of different societies and economies via cross border flow of ideas, finances, capital, information, technologies, goods and services. The cross border assimilation can be social, economic, cultural, or political. But most of the people fear cultural and social assimilation as they believe this would have a negative impact on the existing culture of their society. Globalization therefore has mostly narrowed down to economic integration and this mainly happens through three channels; flow of finance, trade of goods and services and capital movement.
What happens when there is a growing integration of economies across the globe? Majorly there have been positive impacts of this global phenomenon – through liberalization, privatization and globalization (LPG). Due to globalization, there has been significant flow of inward foreign direct investment. MNC companies are getting a chance to explore various different markets across economies and explore the untapped potential.
Globalization in India
Globalization has had a huge impact on the Indian economy. Globalization affected the Indian economy both positively and negatively.
India’s economy opened up during the early nineties. The policy measures on the domestic front demanded that there was a requirement of multinational organizations to set up their offices here. The market became more open and the economy started responding to the external (global) market. The direct impact of globalization was directly seen on the GDP of the country which increased significantly.
The liberalization of the Indian economy along with globalization helped the country to step up its GDP growth rate considerably. The GDP growth rate picked up instantly from 5.6 percent in 1990-91 to 77.8 percent in 1996-97. Since then the growth rate did manage to slump down due to drought and other factors but the country still managed to survive in the rat race and maintained a GDP growth of about 5 to 6 percent. Today India is regarded as being the one of the fastest developing countries just after China.
Globalization has also played a major role in generating employment opportunities in India. After liberalization in the 1990s, the scenario of employment in India has witnessed a phenomenal change. Cities like Bangalore, Delhi, Mumbai and Chennai provide employment to a chunk of the Indian population since it is in these cities only that most foreign companies have set up their operations.
Impact of Globalization
It was in July 1991, when foreign currency reserves had tumbled down to almost $1 billion; inflation was at a soaring high of 17%, highest level of fiscal deficit, and foreign investors loosing confidence in Indian Economy. With all these coupling factors, capital was on the verge of flying out of the country and we were on the brink of become loan defaulters. It was at this time that with so many bottlenecks at bay, a complete overhauling of the economic system was required. Policies and programs changed accordingly. This was the best time for us to realize the importance of globalization.
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