Globalizationdefinitionsanddiscussion

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Globalization 
 
A modern term used to describe the changes in societies and the world economy that result 
from dramatically increased international trade and cultural exchange.  
 
Economic Globalization  
 
There are four aspects to economic globalization, referring to four different flows across 
boundaries, namely flows of goods/services, i.e. 'free trade' (or at least freer trade), flows of 
people (migration), of capital and of technology.  
 
A consequence of economic globalization is increasing relations among members of an 
industry in different parts of the world (globalization of an industry), with a corresponding 
erosion of National Sovereignty in the economic sphere.  
 
The IMF defines globalization as “the growing economic interdependence of countries 
worldwide through increasing volume and variety of cross-border transactions in goods and 
services, freer international capital flows, and more rapid and widespread diffusion of 
technology” (IMF, World Economic Outlook, May, 1997).  
 
The World Bank defines globalization as the "Freedom and ability of individuals and firms to 
initiate voluntary economic transactions with residents of other countries". 
 
Cultural Globalization 
→  Greater international cultural exchange. Spreading of multiculturalism, and better 
individual access to cultural diversity, for example through the export of Hollywood and 
Bollywood movies. However, the imported culture can easily supplant the local culture, 
causing reduction in diversity through hybridization or even assimilation. The most 
prominent form of this is Westernization, but Sinicization of cultures also takes place. 
→  Greater international travel and tourism. 
→  Unregulated pollution of the natural environment. 
→  Greater immigration, including illegal immigration. 
→  Spread of local foods such as [Thai] and Indian food to other countries (often adapted to 
local taste). 
→  The negative effects of for-profit multinational corporations — the use of substantial and 
sophisticated legal and financial means to circumvent the bounds of local laws and 
standards, in order to leverage the labor and services of unequally-developed regions 
against each other. 
Anti-globalization 

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Globalization A modern term used to describe the changes in societies and the world economy that result from dramatically increased international trade and cultural exchange. Economic Globalization There are four aspects to economic globalization, referring to four different flows across boundaries, namely flows of goods/services, i.e. 'free trade' (or at least freer trade), flows of people (migration), of capital and of technology. A consequence of economic globalization is increasing relations among members of an industry in different parts of the world (globalization of an industry), with ...
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