WORLD GLOBALIZATION

WORLD GLOBALIZATION

Globalization is a process of interaction and integration among people, nations, communities and countries, this process is driven by international trade, business, internet, telecommunications and information technology. World globalization has wide effects on culture, economics, environment, politics, and prosperity of human beings. Globalization, in some extent, also means the free movement of people, goods and services freely across the world. Several scholars have different views about the origin of globalization. Few have placed the origin of globalization in modern times, while others placed its origin to age of discovery. But in fact it (globalization) became popular during the Cold War era.

Since the 1980s the term World Globalization has been increasing in use. International Monetary Fund (IMF), in 2000, identified four basic units of globalization; which are as under:

Capital and investment movement

Trade and transaction

Migration and movement of people from one place to another

Dissemination of knowledge

World globalization is not new. People of thousand years ago, were also trade each other from distance. They were usually trade through famed ‘Silk Road’. Silk Road connected Asia, Europe and Africa, this road is a good example of globalization in the “Old World”. Religion, philosophy, art, language, ideas and culture also spread and mixed through this road. Europeans made important discoveries in their exploration of oceans, in 15^th and 16^th centuries. They discovered “New World Order” during these centuries. In the last few decades, the developments in technology and science have increased the cross border trade and migration of people. The renowned author Thomas Friedman said that today’s globalization is farther, faster, cheaper and deeper. Due to world globalization, the volume of trade has been increased 20 times. After the Second World War, many government s have adopted the policy of free-market economics. Governments are also negotiating and trying to promote goods, investment and services trade.

The globalization is composed by five dimensions:

Economics globalization

Political globalization

Cultural globalization

Ecological globalization

Ideological globalization

Technology is another main drive of globalization. Advancements in information technology have dramatically transformed economic life. Swedish journalist Thomas Larsson; in his book The Race to the Top: The Real Story of Globalization, states that world globalization is the process of mutual benefits, shrinkage the world closer, distances are getting shorter and constant interaction among nations. The famous journalist, Thomas L. Friedman popularized the term “flat world” for globalization, arguing that globalization had changed the world both in good and worse manners. He asserted that the effects of globalization on business and economy would continue to grow.

World globalization is a deeply controversial issue. However the proponents of globalization argue that it allows the poor countries and their people to raise their standards of living, and develops their economy. While the opponents of globalization claim that the creation of free markets are highly benefited for multinational companies of Western countries. Citizens of all nations badly need to find the right balance between benefits and costs; which are associated with globalization.

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