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The purpose of this paper is to examine recent research on the role of the state in economic development. It concludes that government incentives to implement sound policies are essential for economic success. It also looks at what happens after episodes of economic and political liberalization, questioning whether political liberalization strengthens government incentives to implement sound economic policies. The answer is convoluted. The majority of episodes of economic liberalization are preceded by episodes of political liberalization. The countries that have fared the best, however, are those that first liberalized their economies before liberalizing their political systems. In 1801 Thomas Jefferson believed that the government’s role should be as follows, Improvements in the institutional framework, development of Agriculture, and development of Industries. Is this minimalist viewpoint still relevant today? Or, as a result of our experiences, have we become wiser? This paper addresses this question by reviewing recent literature on economic growth and the role of government in promoting economic growth. The central conclusion of recent literature is that Jefferson was mostly correct. Not because having a small government is always preferable to have a large one. However, most developing countries’ primary challenge is to establish basic legal and institutional infrastructures that protect property rights, enforce private contracts, and allow individuals to freely exploit market opportunities. Governments can and should do far more than simply provide public goods, correct market failures, reduce income and opportunity disparities, and stabilize excessive economic fluctuations. These other government activities, however, do not determine the success or failure of economic development. The fundamental institutional and legal infrastructures that protect property rights enforce the rule of law and prevent government abuse are crucial.  This leads to a more difficult question. What can developing countries do to aid the emergence of these fundamental institutional infrastructures and, more broadly, to create appropriate government incentives? The paper concludes with a broad discussion of the issue, including a look at some recent research on the effects of economic and political factors. “In such countries, the state’s primary responsibility is to bridge social chasms and foster a psychological, ideological, social, and political environment conducive to economic development.” As a result, the scope of government action is extremely broad and comprehensive. It consists of “maintaining public services, shaping economic institutions, influencing resource use, influencing income distribution, controlling money supply, controlling fluctuations, ensuring full employment, and influencing investment level” The Key Important Role of the State Development of Agriculture In Less Developed Countries (LDCs), agriculture accounts for more than half of total national income. Agriculture, despite this, remains stagnant. It receives a disproportionately small share of national income compared to the number of people employed in it. Agriculture, for example, employs roughly 70% of the population and generates roughly 50% of India’s national income. The main reason for this is to show the low agricultural productivity per acre. The reasons for the low yield are the uneconomic size of the holdings, land fragmentation, a defective land tenure system characterized by high rents and tenure insecurity, a lack of adequate credit facilities, indebtedness, a lack of irrigational facilities and reliance on rainfall, and the use of obsolete production methods, as well as excessive population pressure on land. Peasants in LDCs are poor, illiterate, and uneducated. They are sloppy in their organization. They have no desire to make changes to the land. Customs and traditions govern their way of life. As a result, the implementation of land reforms and the development of agricultural development plans fall under the purview of state activities. The extent to which agricultural productivity is increased will ultimately determine the success of a plan. Increases in agricultural production are required to meet the raw material requirements of industry, achieve self-sufficiency in food grains, maintain price stability, raise more resources for development, and effectively utilize the economy’s unutilized and underutilized manpower resources. Development of Industries Another important role of the state is to industrialize the economy. It is the responsibility of the state to nationalize its mines, plantations, and other assets. It should investigate its natural resources, devise a plan for their exploitation and development, and construct industries to maximize its profitability. In countries where the private sector is predominantly engaged in the manufacture of a few consumer items for domestic consumption, steel, heavy electrical equipment, heavy chemicals, fertilizers, machine tools, and other materials are necessary. These industries are known for requiring significant investments and long gestation periods. As a result, private businesses are wary of entering these industries. As a result, it is the government’s job to build industries in these domains. Some consumer goods industries, such as sugar and clothes, also need to be rationalized because they rely on obsolete machinery and procedures. To achieve rapid economic development, however, export promotion and import substitution industries must be established. Furthermore, industries are concentrated in a few major cities, leaving the rest of the countryside backward and undeveloped. Other key important areas are as follows  Change in the organization Social and economics overhead Expansion of foreign trade Monetary policies and fiscal policies In Conclusion To address all of these issues, the government must develop and implement a prudent industrial policy, agricultural development and well create a better institutional framework that provides the necessary incentives for the development of cottage, small-scale, and large-scale industries. Industries should be decentralized for them to be distributed across all areas based on their factor endowments. References Acemoglou D., S. Johnson, J. Robinson and Y. Thaicharoen (2003), “Institutional Causes, Macroeconomic Symptoms: Volatility, crises and growth”, Journal of Monetary Economics, vol. 50, n. 1 January, pp. 49-123 Hall, R. E. & Marc, L. (2013). Economics: Principles and Applications. (6th ed.). Mason, OH: South-Western Cengage Learning. Krugman, P. & Robin, W. (2012). Economics. (3rd ed.). New York: Worth Publishers. Mankiw, N. G. (2009). Principles of Economics. (7th ed.). Mason, OH: South-Western Cengage Learning. M.L JHINGAN (1966) The Economics of Development and Planning 41st Edition     Mr. Trimisiyu Omotayo Lawal is working in Skyline University Nigeria as a Lecturer II in the Department

Introduction Different scholars have explained the concept of globalization and its effect from different perspectives. Globalization is multi-faceted with a dimension of economic, political-legal, social-cultural, and environmental (Gichira, 2007). Rapid globalization is one of the most significant aspects of the new millennium, particularly since the fast development of information technology (IT) in the 1980s and 1990s (Brown, 1999). However, integration of the economic resources across the globe using trade, financial flows, the advancement of technology, communication of information, movement of people, goods, and services are part of the major challenging factors in some of the developing states. Business organizations need a comprehensive, logical, strategic network and the ability to maximize profit on a global basis. As globalization continues to increase rapidly in the current world, there is a need for academicians, specialists, and professionals to put more effort into identifying the effect of globalization on managerial strategies within and outside the Small and Medium Enterprises (SME’s) structure. Thus, providing an optimum solution will help the respective managers to maintain their organizations as relevant and competitive. Strategic management is a technique that can be used to create a favorable future and help SMEs to prosper through predicting the most desirable upcoming, involvement of their firms.  An essential aspect of controlling the effect of globalization on SMEs is the effective and efficient implementation of the developed strategies by understanding the people communicating and working together (Brown & Weiner, 1985).  The objective of this article is to ascertain the implication of globalization on SMEs and also to ascertain the process by which the implication will be improved. Thus it has to do with an imperative throughout the SMEs, to support the resources for the firms to fulfill its mission.  Concept of Globalization  Globalization is unavoidable to both high and low-profile organizations across the world. However, numerous initiatives and efforts have been made to adapt to it to take the opportunities created from it, to develop organizations, coupled with changes in recent years. Globalization has created numerous opportunities for sharing knowledge, technology, social values, and behavioral norms and promoting development at different levels including individuals, organizations, communities, and societies across different countries and cultures (Ong’ayi, 2013).  Globalization has brought with it effects that have made companies devise means of staying competitive not only in the global market but also in the local market. Companies have been forced to diversify their product portfolio to cope with competition, maintain market share, enter into new markets and seal off any unexplored market segments that foreign competitors may come to exploit.  Effects of Globalization on SMEs ’  There is an increase in international concerns about the negative impacts of globalization on public and private organizations. Various social movements have been initiated against the threats of globalization, particularly in developing countries (Cheng, 2000). Globalization requires companies not only to be multinational and multilingual but also to be multicultural corporations. It is the same belief on the globalization effect on the SMEs. As such, it instigated many SMEs must accept, adapt and blend multicultural aspects in their business processes. The delayering of cultural strata must be a prerequisite before SMEs sign any memorandum of understanding with a host country. There is an emerging global culture that is changing social expectations and understanding. This culture provides a global reality where co-creation and innovation in knowledge-sharing and relationships are flourishing.  Survival and success of an SME occur when the organization creates and maintains a match between its strategy and the environment and also between its internal capability and its strategy. Responses to globalization require SMEs to change their strategy to match the environment and also to redesign their internal capability to match this strategy. If an SME strategy is not matched to its environment, then a strategy gap arises. If it means that internal capabilities are not matched to its strategy, then a capability gap arises (Ong’ayi, 2013).  Porter (1985) affirms that it is essential that organizations be able to shift strategy with changes in the environment and match their capabilities to the selected strategy to survive, succeed and remain relevant. Firms in dynamic industries respond to environmental changes and competitive forces in different ways. Some improve current products, diversify and divest, while others employ techniques that ensure operational effectiveness. To achieve a competitive advantage, the strategy needs to focus on unique activities. Operational effectiveness is necessary but not sufficient for achieving sustainable competitive advantage. Changes in environmental conditions shape a firm’s opportunities and challenges are paramount to the SMEs. A new environment necessitates the formulation of a new strategy best suited to cope with change. Accordingly, in most cases, noisy environments are characterized by unfamiliar rapid, and unpredictable events. Managing the effect of globalization Globalization affected the strategic system of SMEs to a great extent, it is for the lack of the SME’s commitments towards accepting the realities of the current global business trend. Most of these issues happened with SMEs in developing countries like Nigeria. As such, there is a need to engage an effective marketing team to meet the need of their customers who were expanding to other parts of their covering locations other than their home localities. However, this will necessitate the need to develop strategies that would see the SMEs expand to different locations. It is concluded that globalization affected SME’s strategic system as it determined the expansion strategies that have to be adopted by the firms is expanding its services to other business catchment areas.  A well-managed SME must deal effectively with the social, political, and legal dynamics of its environment, as well as the more traditional product and market-focused concerning their economic and technological environment needs. Management must recognize that business is a component of a broader, continually changing social system. Continued success must be “dynamic” to achieve its enduring goals. That is, it must provide continuous advantage despite changes in the environment, regulatory shifts, technological breakthroughs, or competitive markets. Anticipating possible actions by rivals is critical to delivering sustained success. To maintain sustainable

Out of the many technological advances that we have witnessed in recent times, Virtual Reality (VR) and Augmented Reality (AR) need special mention. These technologies have taken the online gaming market, education, entertainment, e-commerce, and many other fields altogether to a different level. All these technologies are known for their enriched experience that brings together a virtual world and the real one with enhanced, 3-D visuals. While VR provides virtual pictures and characters whereas AR is used to provide a real-life experience for the users. Mixed reality (MR) is a virtual environment combined with the real world; interacts with both the real world and a virtual environment. Extended Reality (XR) / is a mix of VR, AR & MR which amalgamates all these technologies and recreates a completely computer-generated virtual reality of a different alternative world. Special types of equipment such as sensors, computers, special gloves, and headsets are required to create a mesmerizing simulation of any place or person dead or alive. It is now possible that a person can travel across the globe or interact with people from the past via XR technology. A virtual 3-D reality world has now been created by tech giants like Facebook (Now Meta), Google, Apple, Microsoft, Tencent, Huawei, Alibaba, TCS, Infosys, etc. which is now better known as Metaverse. Like the internet, no one will have the absolute rights of the Metaverse, but users around the world can log in and visit any place, or interact with any person virtually by paying a price. The word Metaverse was used for the first time in a futuristic science fiction book called Snow Crash by Neal Stephenson in 1992. Metaverse is taken from two words i.e., ‘Meta’ which means after, or beyond, and ‘Verse’ is taken from the universe. Recognizing the immense power of this 3-D social networking highway Disney has pledged to come up with its version of story-telling without borders. No doubt the concept of Metaverse is still in infancy as the hardware and software requirement to boost the potential of real-life experience will require more powerful computer chips and technologies that still do not exist [1]. As of today, we do have a Microsoft Flight Simulator that can handle 2.5 petabytes and provide a virtual replica of the world, and can be updated in real-time. However, handling billion-plus user in real-time in Metaverse is altogether a different challenge. To create a live vibrant virtual 3-D world we require computational efficiency that should be 1,000-more powerful than what we have today. Google is now exploring various algorithms to design more powerful chips, which could move the idea of Metaverse a step forward. Maybe the quantum computer which is supposed to be 100 million times faster than the conventional computer could be the answer. However, it will still take many more years for quantum computers to be commercially available. Though we have 5G technology available, in the future we will require even faster internet connectivity. Without a powerful internet, Metaverse can never become a reality. Once a sci-fi dream Metaverse is now a reality. Strange things have already started happening in this virtual world, one can now invest in Metaverse and buy land or business space [2]. Recently, JPMorgan, one of America’s largest banks, becomes the first major banking giant to establish itself in the Metaverse by opening a lounge in Decentraland, based on blockchain technology [3]. Barbados is opening a diplomatic embassy in the Metaverse [4]. In this captivating digital world, one may soon play, work, do business, and can have disputes. A new virtual new legal system is emerging and is called ‘Metalaw [5].’ A 43-year-old mother from London was brutally abused by several male online avatars after she logged on to Metaverse’s Horizon Worlds online game [6]. This type of behavior will be a common feature as no policing is available in the virtual world. A new stringent protecting system is required to keep Frankenstein’s monsters of the virtual world at bay. The Indian couple Abhijeet-Sansrati got married in Yug Metaverse (made in India metaverse platform), recently. They tied the knot on February 5th, 2022, and became India’s first couple to get married on a 3-D Metaverse [7]. It is very difficult to predict what exactly the Metaverse will be like 50 years from now. Maybe it will be too addictive [8] and along with children, the adults will also get hocked up to the virtual world for a considerable portion of a day. Maybe the future business and entertainment industry will entirely shift to Metaverse. However, the Metaverse is still under construction and there are currently over 100 job openings in the US on Meta’s careers site. Meta is planning to hire over 10,000 people to construct the virtual-reality world. References: Cherney MA. Mark Zuckerberg’s metaverse will require computing tech no one knows how to build. Protocol; Feb 14, 2022. https://tinyurl.com/5n9x24rf How to buy land in the Metaverse investment. Business; Feb 14, 2022. https://tinyurl.com/322un3n9 Birch K. JP Morgan is first leading bank to launch in the metaverse. FinTech; Feb 17, 2022. https://tinyurl.com/49vsstyy Wyss J. Barbados Is opening a diplomatic Embassy in the Metaverse. Bloomberg; Dec 14, 2021. https://tinyurl.com/yc2za9v6 McCollum C. Metalaw: the law of the Metaverse. Jan 24, 2022. https://tinyurl.com/36pactkx First rape case in the Metaverse inspires new digital rules. The Node. https://tinyurl.com/ynx7dfa2 Metaverse weddings, tying knot in the time of Corona. IndiaTechDesk. https://tinyurl.com/4x6kuwns Hughes A. Addiction, crime and data breaches: The metaverse could become a wild west if we’re not careful. BBC Science Focus Magazine; Jan 14, 2022. https://tinyurl.com/58s4rk8r   Dr. Sanjoy Kumar Pal is a Professor of Biology in Skyline University Nigeria. He has a PhD. in Animal Genetics from Indian Veterinary Research Institute, India. You can join the conversation on Facebook @SkylineUniversityNG and on Twitter @SkylineUNigeria