Impact of Globalization on Pakistan Economy - 8194 Words

International Journal of Business and Social Science Vol. 2 No. 5; [Special Issue -March 2011] Illusive and Regressive Globalization: Issues and Challenges for Pakistan’s Economy Muhammad Iqbal Anjum Assistant Professor International Institute of Islamic Economics, International Islamic University Islamabad, Pakistan E-mail: miqbalanjum@iiu.edu.pk Abstract In a mesmerizing scenario of the aura of glamorous globalization, Pakistan has entered the 21st century with ambivalent presentiment of hope and gloom in the context of realizing globalization-based economic development. Globalization is indeed the most fashionable current issue in the whole world. It is also an irrefutable fact that the movement of globalization has been universally†¦show more content†¦2. Origin, Evolution, Nature, Forces, Vehicles and Instruments of Globalization The movement of globalization, premised in the progress of commerce, was conceived in the literature contributed by the writers of Scottish Enlightenment in the 18th century [(Khan, 2000, p.21), (Anjum, 2006b); (Anjum, 2008, 5)]. 1 This fact is documented in the World Development Report 2007 published by World Bank. 67 The Special Issue on Contemporary Issues in Business and Economics  © Centre for Promoting Ideas, USA Especially, Adam Smith’s free trade doctrine led the global movement for free international trade and economic integration of different countries and this movement, which realized and sustained its dominance throughout the middle decades of the nineteenth century at first under the leadership of Britain and later under the sway of the United States since the decade of 1930s, has recently assumed the status of a worldwide movement which is generally known as globalization. The movement of globalization theoretically regards the world as a global village and, therefore, endeavors to achieve the economic integration of all nations of the world for assuring their economic convergence and development [Anjum, 2005c); (Anjum, 2006a, 164)]. In this milieu, globalization acts as one of the thoroughgoing internationalShow MoreRelatedImpact of Globalization on Pakistan Economy4992 Words   |  20 Pages 16 11.0 bibliography 17 1.0 Title: Impact of globalization on Pakistan economy (With Reference to Foreign Direct Investment) 2.0 Background and Academic Context Globalization is multi-dimensional term. 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