Globalization and Stages of Development: An Exploratory Analysis

Abstract

Globalization has different connotations for different social sciences and its social, economic and cultural impact have been examined by a number of studies. This study uses a novel approach to apply Rostow's stages of economic growth in the context of Indian states and examines whether the states in India are ready for globalization. An important finding of the study is that not only are the different states in India at different stages of growth, but also in some states, features of different stages as set out by Rostow were found co-existing at the same time. Foreign direct investment and other indicators are higher in states which are at higher stages of development and vice versa.