Globalization

Meaning of Globalization
• Sociologists Martin Albrow and Elizabeth King
define globalization as "all those processes by
which the people of the world are incorporated
into a single world society.“
• Anthony Giddens writes: "Globalization can
thus be defined as the intensification of
worldwide social relations which link distant
localities in such a way that local happenings
are shaped by events occurring many miles
away and vice versa.”

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Basic Aspect of Globalization FR
In 2000, the International Monetary Fund (IMF)
identified four basic aspects of globalization:
• Tr a d e a n d tr a n s a c ti o n s, c a p i ta l a n d i n ve s tm e n t
movements, migration and movement of people,
and the dissemination of knowledge.
• F u r t h e r, e n v i r o n m e n t a l c h a l l e n g e s s u c h a s g l o b a l
w a r m i n g , c r o s s - b o u n d a r y w a t e r, a i r p o l l u t i o n , a n d
over-fishing of the ocean are linked with
globalization.
• Globalizing processes affect and are affected by
business and work organization, economics,
socio-cultural resources, and the natural
environment.
• Academic literature commonly subdivides
globalization into three major areas: economic
globalization, cultural globalization, and political
globalization.

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Economic Globalization FR
• Economic globalization is the increasing
economic interdependence of national
economies across the world through a rapid
increase in cross-border movement of goods,
services, technology, and capital.
• Economic globalization is the process of
increasing economic integration between
countries, leading to the emergence of a global
marketplace or a single world market
• Current globalization trends can be largely
accounted for by developed economies
integrating with less developed economies by
means of foreign direct investment, the
reduction of trade barriers as well as other
economic reforms, and, in many cases,
immigration.
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 Political Globalization FR
 Political globalization refers to the growth of the worldwide
political system, both in size and complexity. That system includes
national governments, their governmental and intergovernmental
organizations as well as government-independent elements.

 One of the key aspects of the political globalization is the

declining importance of the nation-state and the rise of other
actors on the political scene. The creation and existence of the
United Nations has been called one of the classic examples of
political globalization.

 Political globalization is measured by aggregating and weighting

data on the number of embassies and high commissioners in a The United Nations Headquarters
country, the number of the country's membership in international in New York City
organization, its participation in the UN peacekeeping missions,
and the number of international treaties. 5
Cultural Globalization FR
• Cultural globalization refers to the transmission
of ideas, meanings, and values around the world
in such a way as to extend and intensify social
relations. This process is marked by the common
consumption of cultures that have been diffused
by the Internet, popular culture media, and
international travel.

• Cultural globalization involves the formation of

shared norms and knowledge with which people
associate their individual and collective cultural
identities. It brings increasing
interconnectedness among different populations
and cultures.
McDonald's is commonly seen as a symbol of
Globalization, often called McDonaldization of
global society

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 FR
Advantages of Globalization
 Proponents of globalization believe it allows developing
countries to catch up to industrialized nations through
increased manufacturing, diversification, economic
expansion, and improvements in standards of living.

 Outsourcing by companies brings jobs and technology to

developing countries. Trade initiatives increase cross-
border trading by removing supply-side and trade-related
constraints.

 Globalization has advanced social justice on an

international scale, and advocates report that it has
focused attention on human rights worldwide.
Disadvantages of Globalization FR
• One clear result of globalization is that an economic
downturn in one country can create a domino effect
through its trade partners. For example, the 2008 financial
crisis had a severe impact on Portugal, Ireland, Greece,
and Spain. All these countries were members of the
European Union, which had to step in to bail out debt-
laden nations, which were thereafter known by the
acronym PIGS.
• Globalization detractors argue that it has created
a concentration of wealth and power in the hands of a
small corporate elite which can gobble up smaller
competitors around the globe.
• For better and worse, globalization has also increased
homogenization. Starbucks, Nike, and The Gap dominate
commercial space in many nations. The sheer size and
reach of the U.S. has made the cultural exchange among
nations largely a one-sided affair.
THANK YOU

DISHA CHAPLAWAT JAIN

BBA 1st YEAR