Globalization is integration of societies, economies, cultures of worldwide through of process of technology, politic and trade.
Globalization is an inevitable phenomenon in human history that's been bringing the world closer through the exchange of goods and products, information, knowledge and culture. But over the last few decades, the pace of this global integration has become much faster and more dramatic because of unprecedented advancements in technology, communications, science, transport and industry.
The main features of globalization are stated below.
1. Liberalization:
The freedom of the industrialist/businessman to establish industry, trade or commerce either in his country or abroad; free exchange of capital, goods, service and technologies between countries;
2. Free Trade:
Free trade between countries; absence of excessive governmental control over trade;
3. Globalization of Economic Activities:
Control of economic activities by domestic market and international market; coordination of national economy and world economy;
4. Connectivity:
Localities being connected with the world by breaking national boundaries; forging of links between one society and another, and between one country and another through international transmission of knowledge, literature, technology, culture and information.
5. Borderless Globe:
Breaking of national barriers and creation of inter- connectedness; the ideal of 'borderless globe' articulated by Kenichi Ohmae.
6. A Composite Process:
Integration of nation-states across the world by common economic, commercial, political, cultural and technological ties; creation of a new world order with no national boundaries;
7. A Multi-dimensional Process:
Economically, it means opening up of national market, free trade and commerce among nations, and integration of national economies with the world economy. Politically, it means limited powers and functions of state, more rights and freedoms granted to the individual and empowerment of private sector; culturally, it means exchange of cultural values between societies and between nations; and ideologically, it means the spread of liberalism and capitalism.
8. A Top-Down process:
Globalization originates from developed countries and the MNCs (multinational corporations) based in them. Technologies, capital, products and services come from them to developing countries. It is for developing countries to accept these things, adapt themselves to them and to be influenced by them.
As a result, the values and norms of developed countries are gradually rooted in developing countries.
9. Global State vs Global Civil Society:
In protest against the harmful effects of globalization on the vast multitude of people all over the world, particularly in developing countries, protest marches, demonstrations and meetings have been organized in different countries. These protests have taken militant forms in the last decade. Protest groups have tried to disturb and paralyse the meetings of WTO, World Bank and IMF.
They charge that these UN-based organizations have been the agents of globalization and that they have been used by developed countries as their instruments to exploit and dominate developing countries. These protest groups-environmental groups, human rights groups, women's groups, farmers' groups and peace groups have interlocked themselves at the global level.
Key features of globalization
• Rapid expansion of international trade
• Internationalization of products and services by large firms
• Growing importance of multinational corporations
• Increase in capital transfers across national borders
• Globalization of technology
• Shifts in production from country to country
• Increased freedom and capacity and firms to undertake economic transactions
across national
• boundaries
• Fusing of national markets
• Economic integration
• Global economic interdependence
Globalization has some advantage.
1. Free trade is which a country does not pay a levy taxes on import or export goods or services.
2. Globalization increase new market around the world.
3. Globalization increases' rate of employment because new market need both skilled and un skill labor.
4. And also globalization increases standard of living of people and
reduce poverty.
On the other hand, globalization has
some disadvantages.
1. Unemployment’s rate increase in developed countries. Companies or factories in developed nation try to establish their branches in poor countries because of low cast labor. Salaries are low and work condition is often bad in poor countries. When people immigrate to other country, they transport new virus to destination country. In addition, globalization causes we forget local culture. Today, we listen to foreign music, eat fast foods like KFC, celebrate global events.
2. It accelerated division of all humanity into 2 classes: - Global Capitalist and – Global labor
3. It developed consumerism and individualism
4. It created mass poverty
5. Homogenization of culture is taken place by destroying the traditional value and culture
6. It is another form of capitalism. It polarized the world – the rich and poor
7. It has created inequality in the social economic aspect.
8. It helped the privilege elites to accumulate wealth at the expense of majority of the people
9. It has intensify the problem of migration
