Which of the following is not a feature of Globalization?

Protectionism

The correct answer is Option 3: Protectionism

Option 1- Worldwide Interconnectedness
Option 2- Foreign Direct Investments
Option 3- Protectionism
Option 4- Privatisation

Protectionism is not a feature of Globalization. Protectionism refers to policies that restrict international trade to protect domestic industries. This is the opposite of globalization, as it limits the flow of goods, services, and capital across borders.

During the colonial period, as a consequence of Britain’s imperial ambitions, India became an exporter of primary goods and raw materials and a consumer of finished goods. After independence, because of this experience with the British, we decided to make things ourselves rather than relying on others. We also decided not to allow others to export to us so that our own producers could learn to make things. This ‘protectionism’ generated its own problems. While some advances were made in certain arenas, critical sectors such as health, housing and primary education did not receive the attention they deserved. India had a fairly sluggish rate of economic growth.

In 1991, responding to a financial crisis and to the desire for higher rates of economic growth, India embarked on a programme of economic reforms that has sought increasingly to de-regulate various sectors including trade and foreign investment. While it may be too early to say how good this has been for India, the ultimate test is not high growth rates as making sure that the benefits of growth are shared so that everyone is better off.