GLOBALIZATION — A process that integrates diverse communities into a common society, facilitating the sharing of information and cultural aspects globally. Key Dimensions of Global... GLOBALIZATION — A process that integrates diverse communities into a common society, facilitating the sharing of information and cultural aspects globally. Key Dimensions of Globalization: Wide: Integration of various cultural aspects shared by many societies. Fast: Rapid exchange of experiences and information, particularly through the internet. Cheap: Reduction in product costs due to global trade and investment. Deep: Profound connections among economies, populations, and cultures worldwide. Economic Strategies: Globalization often follows traditional liberal economic strategies that emphasize the supremacy of Western political, economic, and cultural practices. Corporate Expansion: Companies can establish branches in other countries, allowing them to expand resources, hire manpower, and gain more customers. Strengthening Global Relationships: Globalization links localities and distant territories, enhancing connections regarding events and situations. Philippine Society's Adaptability: The Philippines is flexible and dynamic, blending with prevailing global popular culture. Cultural Influences in the Philippines: Rise of hallyu (the Korean Wave). Impact of fast-food chains on the fast-paced lifestyle of working Filipinos. Influence of technology giants. Dominance of American superhero movies. All of these are part of global cultural changes. Some experts argue that the origin of globalization can be attributed to Westerners, trading, discovery, and exploration. Perspectives on the Beginning and Development of Globalization: Jan Aart Scholte, Cycle of Globalization: Mentioned that forms of globalization had emerged in the past, with the present globalization being the highest form and the fastest cycle. For him, it is difficult to point out the beginning of globalization. Göran Therborn, Epochs of Globalization: Emphasized that there is a definite beginning of globalization. He also mentioned that globalization is neither new nor a cycle. According to him, the spread of religion set forth the global interaction. It was followed by the European conquest in the search for new territories. The rise of nation-states as emerging powers divided the continent of Europe and made divisions to several countries due to the building of alliances. These alliances became evident during the Cold War and when the United States emerged as a superpower nation. Implications on the Economy: The global economy is the integration of economies of various countries. It is made up of world economies operating collectively as a single economic organization. It emerged because of globalization. Countries operating as a system often have close territorial boundaries. Neighboring states are often part of the same global economic system. The two characteristics of Global Economy: 1. The economy of the world (global GDP or gross domestic product) is intact and closely connected. 2. The world today is seen as economies with intertwined and interdependent aspects - as if they are part of one whole called global economy. Read more