An additional non-economic point about globalisation. There's a little more involved here and that is that globalisation involves a global culture. So to work towards globalisation is the natural instinct of an imperial power, because imperialism necessarily requires a cultural superstructure. Thus globalisation is often a conscious effort by an imperialist power to export its culture.
So globalisation has an important culutural role-it works to alienate the people of a country from their own culture. You introduce a new language, a new style of dressing, new kinds of music, in short capture the minds of the elite completely. This of course is the first step towards complete subjugation which is what the imperialist power aims at.
Unhappily this is what globalisation is achieving in India anyhow. We have an elite which is fast getting convinced of the supreme superiority of American culture and we have a media which helps them on. . .. There isnt very much more I can say here-its of course the road to complete disaster.