Shri Arun Jaitley, Union Minister of Finance, Corporate Affairs and Information & Broadcasting has said that globalisation is a reality and higher growth is best response to poverty. The minister was speaking after the release of a book “Globalisation, Democratization and Distributive Justice” authored by Prof (Dr.) Mool Chand Sharma, Professor of Law at Delhi University and presently the Member of Law Commission of India here in New Delhi today.
The Minister said history many times changes its course because of unusual forces. Developments beginning from 1990s do testify this course change taking place all over including India. He said, these forces which author says could be loosely described as forces of globalisation and which are re-shaping the world of today include: the shifting of economic centres of gravity from Europe and America to Asia; accelerated impact of technological revolution; dynamics of changing demographics and the breathtaking interconnectivity between trade movement of capital, people and information. According to author, these forces have accelerated and fed each other bringing profound changes in every walk of life of nations, societies and individuals be it economic, political, social or cultural. Societies unable to adapt to these dramatic changes are likely to collapse. No doubt these vast changes have brought alongwith them number of paradoxes and conundrums such as rising prosperity on one side but widening poverty on the other; need for development especially of infrastructure on one side and the cost in terms of loss of livelihood, habitat and traditions of tribals and forest occupies and small farmers on the other. It is highlighted that dealing with these paradoxes and fast occurring changes do demand introduction of reforms in economy, politics and the way a society manages its institutions.