The ‘Emerging Giants,’ China and India, and the world economy: a note

Globalization is an historical process. Its contemporary phase is marked by compression of the world, a blurring of national borders, and interlocking of states driven by new information and communication technology and rapid transportation. This is underscored by a shift in emphasis from state to non state market led policies and the creation of a ‘new space’ which coexists with the nation state. This calls for global governance centred on ‘collective action’ to tackle economic and political challenges.