Test Your Knowledge on Globalization

Globalization: A Summary

• Globalization is the process of interaction and integration among people, companies, and governments worldwide.

• Its origins can be traced back to 18th and 19th centuries due to advances in transportation and communications technology.

• Globalization involves goods, services, data, technology, and the economic resources of capital.

• Advances in transportation and telecommunication infrastructure have been major factors in globalization.

• Large-scale globalization began in the 1820s and drove a rapid expansion in the connectivity of the world's economies and cultures.

• The International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge.

• Globalizing processes affect and are affected by business and work organization, economics, sociocultural resources, and the natural environment.

• Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects.

• Various research projects, articles, and discussions focus on a single aspect of globalization due to its complexity.

• There are both distal and proximate causes which can be traced in the historical factors affecting globalization.

• Early modern globalization is distinguished from modern globalization on the basis of expansionism, the method of managing global trade, and the level of information exchange.

• After World War II, work by politicians led to the agreements of the Bretton Woods Conference, in which major governments laid down the framework for international monetary policy, commerce, and finance.Globalization: A Comprehensive Overview

• Economic globalization involves increasing economic interdependence between countries through cross-border movement of goods, services, technology, and capital.

• International standards, like the intermodal container, have made trade in goods and services more efficient.

• Multinational corporations own or control the production of goods or services in one or more countries other than their home country.

• Free-trade areas, like the European Union, involve cooperation between countries to reduce trade barriers and increase trade of goods and services.

• Cultural globalization is the transmission of ideas, meanings, and values around the world, marked by the common consumption of cultures through the Internet, popular culture media, and international travel.

• Cross-cultural communication and cultural diffusion are related fields of study in cultural globalization.

• Religions have been among the earliest cultural elements to globalize, being spread by force, migration, evangelists, imperialists, and traders.

• Globalization has strongly influenced sports, with events like the Olympics and FIFA World Cup having a global reach.

• Critics argue that globalization harms the diversity of cultures and may ultimately lead to Westernization or Americanization of culture.

• Political globalization refers to the growth of the worldwide political system, including national governments, their organizations, and government-independent elements of global civil society.

• Non-governmental organizations and philanthropic organizations with global missions are increasingly influential in shaping public policy across national boundaries.

• Multiple citizenship is a person's citizenship status, in which a person is regarded as a citizen of more than one state under the laws of those states.Globalization: A Comprehensive Overview

• Globalization has given rise to business organizations such as the Global Philanthropy Group and new associations of philanthropists such as the Global Philanthropy Forum.

• The Bill and Melinda Gates Foundation has a multibillion-dollar commitment to funding immunizations in some of the world's more impoverished but rapidly growing countries.

• Some countries have embraced isolationist policies, such as North Korea, which makes it difficult for foreigners to enter the country and strictly monitors their activities when they do.

• Globalization has been a gendered process, with multinational corporations outsourcing jobs to low-wage, low-skilled economies like the ready-made garment industry in Bangladesh, where poor women make up the majority of the labor force.

• International tourist arrivals surpassed 1 billion globally for the first time in 2012.

• As of 2014, there were an estimated 232 million international migrants in the world, with approximately half of them being economically active.

• The Internet has been instrumental in connecting people across geographical boundaries, with Facebook having more than 1.65 billion monthly active users as of March 31, 2016.

• Globalization has led to an increase in inter-ethnic tension and violence, as free-market economic policies combine with democratic processes of universal suffrage.

• Pope Francis denounced isolationism in August 2019 and hinted that the Catholic Church will embrace globalization.

• A 2005 study found a large increase in articles negative towards globalization in the years prior, with negative articles outpacing positive articles by two to one in 1998.

• International polls have shown that residents of Africa and Asia tend to view globalization more favorably than residents of Europe or North America.

• Initially, college-educated workers were likely to support globalization, but less educated workers, who were more likely to compete with immigrants and workers in developing countries, tended to be opponents.

• Anxiety over Japan's position caused terms such as internationalization and globalization to enter everyday language.Globalization: Economics, Democracy, Cooperation, and Criticisms

• The literature analyzing the economics of free trade is extensive, and the broad consensus among economists is that free trade is a large and unambiguous net gain for society.

• Globalization has been seen as a positive force that lifts developing countries out of poverty, but criticism comes from the middle class who perceive upwardly mobile low-income groups as threatening to their economic security.

• Economic growth does not necessarily mean a reduction in poverty, and poor people are often excluded from globalization-induced opportunities.

• The flow of migrants to advanced economies has been claimed to provide a means through which global wages converge and skills can be transferred back to developing countries.

• There has been a rapid economic growth in Asia after embracing market orientation-based economic policies that encourage private property rights, free enterprise, and competition.

• Demographic changes in the developing world after active economic liberalization and international integration resulted in rising general welfare and reduced inequality.

• Per capita GDP growth among post-1980 globalizing countries accelerated, while non-globalizing developing countries fared worse.

• Globalization promotes peace, but opponents see it as a promotion of corporate interests, disadvantaging poorer countries.

• Democratic globalization is a movement towards an institutional system of global democracy that would give world citizens a say in political organizations.

• Global civics suggests that civics can be understood in a global sense as a social contract between global citizens.

• Cosmopolitanism is the proposal that all human ethnic groups belong to a single community based on a shared morality.

• Anti-globalization, or counter-globalization, consists of a number of criticisms of globalization but is generally critical of the globalization of corporate capitalism.