Concept of Globalization and Features
Last updated: November 19, 2019
Meaning of Globalization:
- Globalization refers to the process of the free flow of knowledge, Idea, Technology, Capital across the world.
- The term ‘GLOBALIZATION’ means the changes in society, behavior, and technology that allowed companies to sell some products around the world.
- This process by which people and goods move easily across the world.
- It is a diverse phenomenon that relates to a multilateral political world and to the increase of cultural objects and markets between countries.
- It refers to the growing interdependence, integration, and interaction between different peoples, regions, and countries of the world through a complex series of economic, socio-political and technological changes.
Origin of globalization:
- Since ancient times, India was connected with the great civilization of CHINA, PERSIA, EGYPT, and ROME. It resulted in a mutual exchange of people, commodities, ideas, food, habits, and lifestyles.
- With the economic reforms of 1991, The forces of interconnectedness and globalization have found a significant boost.
According to Martin Albrow: – (In 1990)
‘All those processes by which the people of the world as incorporated into a single society and globed society.
According to Robertson: – (In 1992)
‘It is the global compression of the world and the intensification of consciousness of the world as a whole.’’
According to Anthony Giddens: – (In 1990)
“It can be defined as the intensification of worldwide social interactions which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice-versa.’’
According to IMF: – (In 2000)
“The International Monetary Fund has identified four basic aspects of globalization: –
- Trade and transaction
- Capital movement and investment
- Spreading of knowledge
According to world bank: –
“It refers to the growing interdependency of countries resulting from increasing integrations, trade finance, peoples and ideas in the global market place.”
According to James Hittelman (Economist): –
Globalization refers to the compressive the time + space aspects of social relations.”
Characteristics of globalization:
- Universal process.
- Complex process
- Process of identification.
- It is the process of expansion.
- The expansion of cultural identity is to be found there.
- The dimensions of globalization are very broad.
- The process is a multi-dimensional process.
- It is a even process.
- Liberalization is there.
- Free trade
- Borderless globe
- Top-down process
- Changing the nature of the state
- Crises and integration
- Increase in tourism
There are four qualities of characteristics of globalization:
- Involves the creation of new and the multiplications of existing social networks and activities that cut across traditional, political, cultural and geographical boundaries.
- It is reflected in the expansion of social relations activity and interdependency.
- It involves the intensification and accelerations of social change and activities.
- The process does not occur nearly or objective, material level but also involves the subjective plan of human resources.
Causes of globalization:
- The growth of multi-national companies
- Free trade agreements
- Improved communication
- Increased capital mobility
- Trade liberalization
- Global banking
- Improved transport
- Reduced tariff barrier’s
- Growth of global media
- Increase in mobility labor
Effects of globalization:
- Changed food supply
- Division of labor
- Less job security
- Damage to the environment
- Cultural impact
- Increase in Anti-globalization protests
Advantages of globalization:
- Increased free trade between nations
- Increased liquidity of capital allowing
- Corporations of greater flexibility
- Global mass media
- Increase the flow of communications
- Greater ease and speed of transformation
- Reduction of cultural barriers
- The spread of democratic ideas
- Greater interdependence ideas
- Greater interdependence of nation
Disadvantages of globalization:
- Spread of materialistic lifestyle
- World trade organization (WTO) infringe on national sovereignty
- Increased the chances of civil war
- A decrease in environmental integrity
- Increased likelihood
- Corporate influence
Dimensions of globalization:
MANFRED STEGER (Professor of global studies at the University of Hawaii) in 2003 gave the four dimensions of globalization which are as follows: –
- It refers to the intensification and expansion of political interrelations across the globe – De-terrorization of politics, rule, and governance – the nation-state, global rule, a global government.
- It refers to the intensifications and stretching of economic interrelations across the globe.
- There is three important development related to economic globalization which is as follows: –
- Inter rationalization of trade and finance
- Increasing the power of transnational corporations (TNC)
- Enhance the role of the international economic institution, IMF – International monetary fund, the world bank, the world trade organizations (WTO)
- Cultural globalization refers to the intensification and expansion of cultural flows: –
- Globalization of language
- The role of media
- The topic of ecological globalization includes population growth, access to food, worldwide reduction in bio-diversity, the gap between the rich and the poor as well as between the global world and global south and human-introduced.
Technology tools to promote globalization: –
- Wiki spaces
- Mobile phones
- Microsoft office
- Web quest
Factors influencing globalization: –
- Consumer wealth and expenditure
- National interest
- Inflation on rate
- The political stability of the nation
- Monetary regulations
At last, As we can conclude it by saying that Globalization plays a very crucial and vital role in the development. According to Theodore Levitt in his book (globalization of markets), The changes in the social behavior and technology that allowed companies to sell some products around the world.
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Concept of Globalization and Features Origin of globalization Introduction to globalization Definitions of globalization Characteristics of globalization Causes of globalization Impact and Effects of globalization Merits/Advantages of globalization Demerits/Disadvantages of globalization Dimensions of globalization Technology tools to promote globalization factors of globalization Conclusion