Bahria University

Islamabad

DEVELOPMENT ECONOMICS

Assignment

“GLOBALIZATION”

Submitted by:

Ather Waseem Ahmed BBA-VII C

Submitted to:

Ma’m Zainab Dar

1. Globalization

It is the opening of borders to increasingly fast flows of goods, services, finance, people and ideas
across international borders; and the changes in institutional and policy regimes at the international
and national levels that facilitate or promote such flows. Globalization is the system of interaction
among the countries of the world in order to develop the global economy.

2. What are the impacts of Globalization?

Globalization has tremendously affected world in various different aspects:

• Industrial- it has provided the surface to the production market with an enhanced access to a
wide variety of foreign products and therefore globalization has increased large number of
customers for itself. This has helped in the movement of goods and materials between and
within the national boundaries.

• Cultural- Cross-cultural contacts are the result of globalization. It has generated better
understanding towards cultural diversity and has promoted travels and tourism to
understand each other to a greater extent. This has enhanced greater consumer products at
the same time it has generated a pseudo-cultural patterns.

• Social- due to globalization the social network of people is widening and people are able to
understand each other in a better way howsoever distant geographically they may be.

• Technical- Any kind of technological advances can be communicated to other parts of the
world and thus feedback to further enhance it can be procured.

• Political- the United States has come up with the supreme power in the era of globalization
as it has strong and wealthy economy. Also in the recent decade the People’s Republic of
China has skilled with great economic growth.

• Financial- Globalization has opened the way to procure external financing opportunities to
the borrowers.

3. What are the impacts of Colonialism?

Colonialism is the extension of a nation's sovereignty over territory beyond its borders by the
establishment of either settler or exploitation colonies in which indigenous populations are directly
ruled, displaced, or exterminated. The prominent impacts of colonialism are:
 • The cultural impact of colonialism is obvious on languages, religions and traditions.

• Colonial rule has a long-term impact on boundaries, inclusion and division of cultural groups.
The impact of colonialism on demography is evidenced by the degree of ethnic heterogeneity in
different countries.

• Colonialism raises underdevelopment and encourages the culture of dependency. The excessive
exploitation of colonies, the draining of resources and the growth of dependency are all
evidences that colonization harnesses the struggle of developing nations into self-progress.

4. Imperialism? Post-colonialism? Are they really any different?

Imperialism is the policy, practice, or advocacy of seeking, or acquiescing in, the extension of the
control, dominion, or empire of a nation, as by the acquirement of new, esp. distant, territory or
dependencies, or by the closer union of parts more or less independent of each other for operations
of war, copyright, internal commerce, etc. while post colonialism is a system in which a state
claims sovereignty over territory and people outside its own boundaries, often to facilitate
economic domination over their resources, labor, and often markets. The term also refers to a set of
beliefs used to legitimize or promote this system, especially the belief that the mores of the
colonizer are superior to those of the colonized. Advocates of colonialism argue that colonial rule
benefits the colonized by developing the economic and political infrastructure necessary for
modernization and democracy. They point to such former colonies as the United States of America,
Australia, New Zealand, Hong Kong and Singapore as examples of post-colonial success.

5. Is Globalization a new name for the same old face of Colonialism?

The Colonialism has taken on several new faces or rather put on new masks. It cleverly
masquerades itself through labels and slogans like democracy, humanitarian rights, gender equality,
internationalism, free trade and humanitarianism. In the name of modernization and Globalization it
pretends to be uplifting peoples whom it is really exploiting. So obviously globalization is the new
face of colonialism with some changes.

6. Has the concept of being politically correct simply forced us to create new
terminology to hide the same old definitions?

In my opinion; no- since the older definitions just talk about colonies, big armies, using force and
influencing other cultures while globalization does not involve force, and domination.
Globalization is a more friendly approach, it involves trade, integrating different cultures without
any pressure or influence, it is about exposure and more awareness.
7. Colonization vs. Globalization, Imperial Exploitation vs. Multinational

Corporation. Are they all the same?

Globalization describes the process by which regional economies, societies, and cultures have
become integrated through a global network of political ideas through communication,
transportation, and trade. The term is most closely associated with the term economic globalization:
the integration of national economies into the international economy through trade, foreign direct
investment, capital flows, migration, the spread of technology, and military presence. While
colonization is a political and economic control over an area by a nation whose citizens have
occupied the area. Globalization and colonization have few things in common such as, they both
consider area, integration among people and people help to work the area. However, they have
some differences too such as, colonization is a territory movement, its aggressive while
globalization is an economic movement.

Multinational Corporation, business enterprise with manufacturing, sales, or service subsidiaries

in one or more foreign countries, also known as a transnational or international corporation. These
corporations originated early in the 20th cent. and proliferated after World War II. Typically, a
multinational corporation develops new products in its native country and manufactures them
abroad, often in Third World nations, thus gaining trade advantages and economies of labor and
materials. Almost all the largest multinational firms are American, Japanese, or West European.
Such corporations have had worldwide influence—over other business entities and even over
governments, many of which have imposed controls on them. During the last two decades of the
20th cent. Many smaller corporations also became multinational, some of them in developing
nations. Proponents of such enterprises maintain that they create employment, create wealth, and
improve technology in countries that are in dire need of such development. While imperial
exploitation refers to the policy of extending the rule or authority of an empire or nation over
foreign countries, or of acquiring and holding colonies and dependencies.