Roadmap for Answer Writing I. Introduction Definition of Cryptocurrency: Explain what cryptocurrency is and its reliance on cryptography and blockchain technology. Mention its role as a medium of exchange. II. Impact on Global Society A. Greater Integration Description: Discuss how cryptocurrency facilitates global transactions and bypasses traditional ...
Model Answer Introduction Globalization refers to the growing interdependence and integration of economies, societies, and cultures worldwide, driven by cross-border trade and technological exchange. In this context, the relationship between globalization and new technology, particularly in resourceRead more
Model Answer
Introduction
Globalization refers to the growing interdependence and integration of economies, societies, and cultures worldwide, driven by cross-border trade and technological exchange. In this context, the relationship between globalization and new technology, particularly in resource-scarce nations like India, is multifaceted.
Positive Aspects
Access to Scarce Resources
Globalization enables easier access to essential resources through technological advancements. For example, lithium, crucial for electronic devices, is extracted from specific regions and distributed globally. India, a major consumer of electronics, benefits from this supply chain (Source: International Energy Agency).
Overcoming Resource Limitations
Technological transfers from developed countries to developing nations allow resource-scarce countries like India to adopt advanced solutions. Technologies developed for water-scarce regions in West Asia can be shared with India to address its own water challenges (Source: World Bank).
Enhanced Resource Efficiency
Globalization promotes specialization and efficient resource use. New technologies, such as renewable energy, reduce dependence on non-renewable resources like fossil fuels, helping to alleviate resource scarcity (Source: Renewable Energy Journal).
Consumer Empowerment
The competitive markets fostered by globalization lead to improved quality and lower costs of goods and services. The widespread use of the internet has transformed India into one of the largest online markets, enhancing consumer access (Source: Internet World Stats).
Negative Aspects
Resource Curse
Globalization can exploit resource-rich developing nations, leading to cycles of poverty while benefiting wealthier countries. For instance, resource-rich African nations often supply raw materials to the West, while impoverished regions in India provide resources for industrial growth (Source: Journal of Economic Perspectives).
Widening Inequality
The benefits of globalization often favor the wealthy, exacerbating inequality. According to Oxfam, the rich disproportionately benefit from technology, while the poor struggle to access its advantages, potentially leading to social conflict (Source: Oxfam International).
Environmental Degradation
Increased demand for resources can result in depletion and environmental challenges. Climate change reports highlight how competition for dwindling resources escalates tensions between nations (Source: Intergovernmental Panel on Climate Change).
Conclusion
The interplay between globalization and new technology is critical for addressing resource scarcity in India. To navigate this landscape effectively, India must embrace technological advancements while implementing policies that mitigate negative impacts and maximize benefits. This approach will help India avoid the pitfalls of techno-colonialism and tackle its socio-economic challenges.
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Model Answer Introduction Cryptocurrency is a virtual currency secured by cryptography, operating on blockchain technology and free from central authority control. It serves as a medium of exchange, with ownership records stored in a computerized database. This emerging technology is revolutionizingRead more
Model Answer
Introduction
Cryptocurrency is a virtual currency secured by cryptography, operating on blockchain technology and free from central authority control. It serves as a medium of exchange, with ownership records stored in a computerized database. This emerging technology is revolutionizing monetary transactions globally.
Impact on Global Society
Effect on Indian Society
In India, cryptocurrency is still in its early stages, with significant uncertainty regarding its future. The government has proposed a Cryptocurrency Bill to regulate private cryptocurrencies and introduce a sovereign digital currency.
Conclusion
Cryptocurrency, like any technology, has both positive and negative implications. To harness its potential while mitigating risks, a robust regulatory framework is essential. Stakeholders who adapt quickly will play a crucial role in shaping the future of this digital landscape.
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