“Globalization has dramatically increased inequality between and within nations” (Mazur, 2000, p. 79).
“The benefits of globalization are obvious: faster growth, higher standards of living, and new opportunities” Annan, 2001, p. 1).
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The opponents of globalisation until now have achieved greater success in garnering support from the public, owing to their ability for framing arguments in their favour, focussing on issues like use of child labour by MNCs in developing economies, and indifference of the developed nations towards serious health issues like AIDS seen rampantly spreading in the developing nations. The proponents of globalisation on the other hand present statistical data in their favour that though scien...tifically sound evidences are often difficult to comprehend from the viewpoint of a layman (ibid). Despite the contentions over globalisation and its effects, in the past three decades, observations reveal that large-scale globalisation and worldwide interconnectedness have gained increased popularity in all spheres of life, ranging from economic to technology to cultural. Globalisation of world economy has occurred due to rapid expansion of trade, financial activities, production of goods, which links economic growth and development of all nations across the world within the main trading zones (developed nations) and beyond (emerging economies of developing nations). As was evident during the global economic crunch of 2007-2008, currently globalisation has taken place to such extent that no national economy can safeguard itself from the ‘contagion effect’ of the disturbances within global financial markets (Baylis, Smith and Owens, 2011). The term globalisation can be interpreted in various ways. According to the most popular interpretation, the term means creation of a uniform platform at global basis, where there is synchronisation of technology, economy and culture, to create a standardised world. This perspective primarily translates into referring globalisation as westernisation of the oriental world. According to another perspective, globalisation is a form of hybridisation that creates a melange of various cultures and socioeconomic structures worldwide. However, from a study of the various perspectives it is not easy to derive a particular ‘correct’ interpretation, as the meaning of the term can vary based on the context on which it is used. As for example, economics globalisation, which takes place through the integration of national economies with the global economy via foreign direct investments or FDIs, capital flows, immigration and spread of technological knowledge in all fields, refers to liberalisation of trade markets and spread of capitalist market values (Bhagwati, 2004). In the arena of international relations, it refers to the development of global power play with more focus on interstate relations. Globalisation within sociology relates to changes within the present society its effects and the development of the so-called ‘global society,’ while in cultural context globalisation pertains to the study of effects of global interconnectedness on the culture and identity of various communities worldwide. Therefore, it is quite clear that globalisation has many facets and is hence difficult to delineate and ascertain whether it is a panacea (as per the neo-liberals who are strong proponents of globalisation) or a plague (as per the leftists or the anti-neoliberal group forum that are against
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According to the research findings globalization is of great significance in contemporary societies. When looking at its impacts, it is apparent that globalization is transforming contemporary societies. This is because globalization has had positive impact in nearly everything ranging from, economies, cultures, information flow, governance, criminal investigation, among others.
Such fragmentation in the origins and belonging of the ethics and moral values therefore offer a rare glimpse into a world which is shrinking. Globalization, as a phenomenon, is overcoming the local cultures, values as well as the indigenous political will of the individual.
It covers the major processes of the world socio-economic development and accelerates economic growth and modernization. At the same time, globalization gives rise to new contradictions and problems in the global economy. The process of globalization today overcame all the countries in the world in a different degree.
Globalization impacts on societies in the cultural, political and environmental systems (Held et al. 2005). It also affects economic growth and development of nations worldwide. The concept is not new since over the years, people and companies have been trading for long distances.
Globalization, Its Significance to Challenges of Development and Key Debates. Globalization and related development were considered as the wave of the future when they first appeared to unite countries into one global economy for the mutual benefits, which presumed global integration and interdependence in the technological, economic, social, cultural, ecological and political spheres.
Globalization has introduced new ideologies that have replaced the traditional thinking perspectives. The reception of globalization in each specific culture varies, but a close analysis reveals the aspects of life that change. This brings in the aspect of globalization, used to denote the various ways in which each distinct culture localizes globalization.
The layman's perception is predominantly confined to economic aspects of globalization, which is a very narrow perspective and is mostly confined to a mere expansion of trade and investments. However, the process of globalization has much wider implications that go beyond the mere internationalization of markets.
Episodes Three which is entitled New Rules of the Game discussed globalization and its impact in the world economy.Globalization doesn’t just involve the goods and services.Market integration also means the assimilation of countries’ financial markets.Countries like Thailand were greatly helped by the inflow of foreign direct investments.