Globalization-Chapter-1 PDF

GLOBALIZATION CONCEPTS CHAPTER 1 GLOBALIZATION  Globalization Concepts, Meanings, Features, and Dimensions Globalization is the process in which people, ideas and goods spread throughout the world, spurring more interaction and integration between the worl...

GLOBALIZATION CONCEPTS CHAPTER 1 GLOBALIZATION  Globalization Concepts, Meanings, Features, and Dimensions Globalization is the process in which people, ideas and goods spread throughout the world, spurring more interaction and integration between the world's cultures, governments and economies. Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world. Globalization is about growing worldwide connectivity.  There were similarities in features of those prevailing wave of globalization before the outbreak of the First World War in 1914 to the current wave. There is an increase cross border- trade, investment, and migration due to policy and technical developments in the past few decades. It is in the area of economic development that observers believe the world has entered a new phase. Today’s globalization is farther faster, cheaper, and deeper in compared to earlier wave of globalization.  One principal driver of globalization is technology. Economic life is dramatically transformed by advancement in information technology. All sorts of individual economic actors like consumers, investors, and businesses which are valuable new tools for identifying and pursuing economic opportunities, including faster and more informed analyses of economic trends around the world, easy transfers of assets, and collaboration with far-flung partners are provided by information technologies  Globalization is the process of integration of economies across the world through cross-border flow of factors product and information. According to the International Monetary Fund (IMF) globalization is the growing economic interdependence of countries worldwide through increasing volume and variety of cross border transactions in goods and services and of international capital flows and also through the more rapid and wide diffusion of technology.  Globalization is an expansion, and intensification of social relations and consciousness across world time and world space. It is about growing worldwide connectivity according to Steger.  Globalization is considered a multi- dimensional process involving economic, political, technological, cultural, religious and ecological dimensions. It suggests a dynamic process of change that results in either positive or negative development. It leads to the creation of something new; it involves the multiplication of social connections and various activities that transgress traditional and political, economic, cultural and geographical lines  Attributes, Qualities or Characteristics of Globalization 1. It involves both the creation of new social networks and the multiplication of existing connections that cut across traditional, political, economic, cultural, and geographical boundaries. 2. Globalization is reflected in the expansion and the stretching of social relations, activities, and connections 3. Globalization involves the intensification and acceleration of social exchanges and activities 4. Globalization processes do not occur merely or an objective, material level but they also involve the subjective plane of human consciousness. Without erasing local and national attachments, the compression of the world into a single place has increasingly made global the frame of reference for human thought and action.  Historical Periods of Globalization  The Prehistoric Period (10000 BCE-3500 BCE) In this earliest phase of globalization, contacts among hunters and gatherers – who were spread around the world – were geographically limited. In this period due to absence of advanced forms of technology, globalization was severely limited.  The Pre-modern Period (3500 BCE- 1500 CE) In this period the invention of writing and the wheel were great social and technological boosts that moved globalization to a new level. The invention of wheel in addition to roads made the transportation of people and goods more efficient. On the other hand writing facilitated the spread of ideas and inventions  The Early Modern Period (1500-1750) It is the period between the Enlightenment and the Renaissance. In this period, European Enlightenment project tried to achieve a universal form of morality and law. This with the emergence of European metropolitan centers and unlimited material accumulation which led to the capitalist world system helped to strengthen globalization.  The Modern Period (1750-1970) Innovations in transportation and communication technology, population explosion, and increase in migration led to more cultural exchanges and transformation in traditional social patterns. Process of industrialization also accelerated  The Contemporary Period (from 1970 to present) The creation, expansion, and acceleration of worldwide interdependencies occurred in a dramatic way and it was a kind of leap in the history of globalization.  Dimensions of Globalization 1. Economic Dimension This refers to the extensive development of economic relations across the globe as a result of technology and the enormous flow of capital that has stimulated trade in both sources and goods.  Major players in the current century’s global economic order  Huge international corporations (General Motors, Walmart, Mitsubishi)  International Economic Institutions (IMF, World Bank, The World Trade Organization)  Trading Systems 2. Political Dimension This refers to an enlargement and strengthening of political interrelations across the globe. 3. Cultural Dimension This refers to the increase in the amount of cultural flows across the globe. Cultural interconnections are at the foundations of contemporary globalization. 4. Religious Dimension Religion is a personal or institutionalized set of attitudes, beliefs, and practices relating to or manifesting faithful devotion to an acknowledged ultimate reality or deity. It is the most important defining element of any civilization as contrasted with race, language, or way of life. 5. Ideological Dimensions Ideology is a system of widely shared ideas, beliefs, norms and values among a group of people. It is often used to legitimize certain political interests or to defend dominant power structures. Ideology connects human actions with some generalized claims.Globalization is a social process of intensifying global interdependence while globalism is an ideology that gives the concept of neo-liberal values and meanings to globalization.