IDEAS home Printed from
MyIDEAS: Login to save this article or follow this journal

Prospects of Globalization

  • Muhammad Mahmud

    (KASB Institute of technology, Karachi)

  • Madeha Almas
Registered author(s):

    Modern world has shrunk into a global village. The ever-expanding and multifarious links in communication, transportation, trade, services and myriad of other factors have rendered the world a single market. The trend has, no doubt benefited the people all around, but it entails the inevitable pros and cons as well. Globalization and one of its premium ingredients i.e. Free Trade has inter alia proved incremental in raising per capita income as per the predictions of the international trade theorists. Countries with open trade policies also have superior labour rights, and labour rights improve over time in countries that adopt open trade policies thereby signaling general raise in the purchasing power of the people. Pakistan's economy is still very primitive and is dependent on agriculture. The sector contributes 25% to GNP but employs nearly 50% of the labour force. Industry contributes approximately 18% to GNP and services about 50%, of which wholesale and retail trade account for 15%, and transport and communication for 10%. As a result of the importance of the agricultural sector, climatic conditions and water resources have a significant impact on the yearly economic performance. Over the period 2000 to 2003, GNP growth has increased from an average of 3% per annum to nearly 5% in fiscal year 2003. Pakistani economy has really to take off, and for that all the hurdles in the way of industrialization and investment are to be removed. Not only step are to be taken to make Pakistan more attractive destination to the foreign investors, but also providing the much needed subsidies and incentives to the local investors and the industrialists to enable them to survive and compete in the ‘Brave New World’.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: no

    Article provided by Khadim Ali Shah Bukhari Institute of Technology (KASBIT) in its journal KASBIT Bussiness Journal.

    Volume (Year): 4 (2011)
    Issue (Month): (December)
    Pages: 129-136

    in new window

    Handle: RePEc:ksb:journl:v:4:y:2011:p:129-136
    Contact details of provider: Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:ksb:journl:v:4:y:2011:p:129-136. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Yasir Jaseem)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.