Q. describe the concept and perspective of Globalization. Impact of globalization.

Challenges of globalization. Discuss the impact of Liberalization theory on global

society.

Concept of Globalization

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.

There are five primary ways in which "globalization" can be understood:

 An historical period
 An economic phenomenon
 The triumph of American values
 A social and technological revolution.
 The annihilation of distance

Globalization refers to the process and direction of change over time, globalism refers to a set
of ideologies ranging from the worship of the free-market to global jihadism, and globality is
a “single socio-political space on a planetary scale”.

Definition
The term globalization usually has two principal meanings:
 greater interdependence
 greater level of integration
Globalization (or globalization) is the process of international integration arising from the
interchange of world views, products, ideas, and other aspects of culture.
“Globalization refers to the fact that we all increasingly live in one world, so that individuals,
groups and nations become interdependent.”

(Giddens, 2006 )

According to WHO, globalization can be defined as ” the increased interconnectedness and

interdependence of peoples and countries. It is generally understood to include two
interrelated elements: the opening of international borders to increasingly fast flows of goods,
services, finance, people, and ideas; and the changes in institutions and policies at national
and international levels that facilitate or promote such flows.”

Factors Contributing to Globalization

There are several factors that that has contributed a lot in process of Globalization. According
to Giddens (2006), these are:

 The rise of information and communication technology

 The information flows
 Economic factors
 Transnational Corporations
 The electronic economy
 Political changes

Globalization creates homogenization process of society and culture throughout the world
by eliminating the barriers of time and space.

 Instant communication
 Interdependent Economy
 Economic collapse of different countries
 Diversification
 Free trade
  Privatization
 Creation of international market
 Diverse division of labor
 Free flow of goods and services
 Cultural infirmity in terms of a common pattern in dress, music, fast food, popular
film, TV programs etc. throughout the world
 Structural changes through increases in the flows of people, money etc.

Features of Globalization

The main features of globalization are stated below.

 Liberalisation:
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;
 Free Trade:
Free trade between countries; absence of excessive governmental control over trade;
 Globalization of Economic Activities:
Control of economic activities by domestic market and international market;
coordination of national economy and world economy.
 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.
 Borderless Globe:
Breaking of national barriers and creation of inter- connectedness; the ideal of
'borderless globe' articulated by Kenichi Ohmae.
 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;
 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.
 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.

Globalization is thus a one-way traffic: it flows from the North to the South.
(the culture of the north (developed countries) being imposed on the South (developing
countries)

Perspectives of Globalization
There are three main perspectives on globalization, each discussing different positives and
negatives that are associated with globalization. The three different perspectives are the

 Hyperglobalist perspective,
 the Skeptical perspective, and
 the Transformationalist perspective.

The Hyperglobalist Perspective

The Hyperglobalist perspective argues that past history and current economics have
combined to create a new relationship between nations. It believes that the world economy is
controlled more by industry, trading, and the global financial marketplace than by
governments, and that the power of individual governments is weakening as a whole. It views
the world economy as one single unit.

The Skeptical Perspective

The skeptical perspective views the globalization process as more separated and regionalized
than as a truly global world.

Scholars who view globalization with a skeptical perspective dismiss the fact that there is the
development of a global culture of global development structure.

This perspective suggests that the past provides evidence that the world is not becoming a
single market but that it is the expansion of regional economic sectors and the cooperation of
trade between countries.

The skeptical perspective believes in a globalized world but believes that globalization begins
regionally then migrates toward a globalized economy.

The Transformationalist Perspective

The final perspective is the Transformationalist perspective.

This perspective differs from the other two perspectives in two ways.

First, it is believed that there is no individual cause (that is, the market or economic logic)
behind globalization.

Second, scholars believe that the outcome of processes of globalization is not determined
(Held et al.

These scholars say that globalization is an unknown phenomenon and its outcome will not be
known for many years down the road.

Theories of Globalization

Liberalism (important for xm)

Liberalism sees the process of globalization as market-led extension of modernization.

At the most elementary level, it is a result of 'natural' human desires for economic welfare
and political liberty.

Similarly, they overlook the phenomenon of power.

There are structural power inequalities in promoting globalization and shaping its course.

Often they do not care for the entrenched power hierarchies between states, classes, cultures,
sexes, races and resources.

Feature of liberalism theory

Emphasis on free markets

Focus on individual rights
Importance of international institutions
Benefits for all
Criticism of protectionism
Privatization and deregulation

Political Realism

Advocates of this theory are interested in questions of state power, the pursuit of national
interest, and conflict between states.

According to them states are inherently acquisitive and self-serving, and heading for
inevitable competition of power.

Globalisation has also been explained as a strategy in the contest for power between several
major states in contemporary world politics.

Power theorists also neglect the importance and role of other actors in generating
globalisation.

Additional types of power-relations on lines of class, culture and gender also affect the course
of globalisation.

Some other structural inequalities cannot be adequately explained as an outcome of interstate

competition.
(Political realism is a theory that explains international relations based on the idea that states
are the primary actors in global affairs and that their actions are largely driven by self-interest
and the pursuit of power. Political realism emphasizes the importance of the balance of power
among states and the need for states to act in their own self-interest in order to survive and
thrive in a complex and competitive international system.)

Theory of Marxism

Marxism is principally concerned with modes of production, social exploitation through

unjust distribution, and social emancipation through the transcendence of capitalism.

Marxists reject both liberalist and political realist explanations of globalisation.

It is the outcome of historically specific impulses of capitalist development.

Liberal talk of freedom and democracy make up a legitimating ideology for exploitative
global capitalist class relations.

are not reducible to class dynamics within capitalism.

Class is a key axis of power in globalisation, but it is not the only one.

It is too simplistic to see globalisation solely as a result of drives for surplus accumulation.

Ideational aspects of social relations also are not outcome of the modes of production.

Theory of Constructivism

Globalisation has also arisen because of the way that people have mentally constructed the
social world with particular symbols, language, images and interpretation.

Constructivists concentrate on the ways that social actors 'construct' their world: both within
their own minds and through inter-subjective communication with others.

Conversation and symbolic exchanges lead people to construct ideas of the world, the rules
for social interaction, and ways of being and belonging in that world.
This theory neglects issues of structural inequalities and power hierarchies in social relations.

Impact of Globalization

 macroeconomic impacts
 impact on income inequality
 environmental impact
 Impact on technology
 Impact of Multinational corporation
 Impact of Globalization on Standard of Living
 Impact on government
 Impact on Education
 Impact on Health system
 Impact on Communication
 Impact on Technology
 Impact on politics (Practice of democratic norms and values than communism)
 Impact on sports and Recreation (Satellite telecast)
 Impact on Culture (Assimilate different foreign customs, values, beliefs)
 Impact on family (family system has been changed)
 Immigration challenges and local job loss
 Foreign workers exploitation
 Loss of cultural identity

The impact of Liberalization theory on global society

Liberalization theory, also known as neoliberalism, has had a significant impact on global
society since its emergence in the 1970s. This theory advocates for the removal of
government regulations and restrictions on trade and economic activity, as well as the
promotion of free market capitalism.

While proponents argue that liberalization has led to economic growth and development,
critics argue that it has increased economic inequality, eroded social safety nets, and
undermined democracy. The implementation of liberalization policies by international
organizations such as the International Monetary Fund and the World Bank has also been
linked to negative impacts on developing countries, including debt crises and environmental
degradation.

Overall, the impact of liberalization theory on global society has been complex and contested,
with both positive and negative consequences.

Impact of Globalization on Culture of Bangladesh

Cultural Homogenization clash: The homogenization paradigm emphasize on global
interdependence and inter connectedness for cultural standardization uniformization and
compassion into a single global culture. Its actual aim is to increase the homogeneity of world
values like rationalization, commoditization democracy and human rights. Western cultures
are reflected on the people of the rest of the world changing the lifestyle and consumption
patterns in the symbolic norms of CocaCola, rock music, blue jeans, sleeveless kameez and
so on.

 heterogeneity
 hybridization paradigms
 The Cable television network (various channels reflect multidimensional cultures)
 Changes in Choice in regarding Music and Movies
 Changes in Food Choice
 Changes in Values
 Decline of family bondage
 Effect of Globalization on Language (English)
 Increase of Cyber Crime
  Globalization and Westernization
 Spreading global consumer culture (luxurious foreign products
 Identity confusion and cultural dilemma
 Counterforce of localization as outcome of cultural shock

Challenges of globalization

 Exploitation
 High Investment Costs
 Confusing Local Systems
 Weak Regulation
 Immigration Challenges
 Localized Job Loss
 Increased competition in the global market
 Cultural differences and language barriers
 Political instability and changes in government policies
 Economic volatility and market fluctuations
 Changing customer preferences and demands
 Labor laws and regulations in different countries
 Supply chain management and logistics challenges
 Intellectual property protection and legal issues
 Sustainability and corporate social responsibility concerns

The drivers of Globalization

Integration transactions

production Transportation