Role of Globalization in Structuring Economy - Research Paper Example

It certainly controls a global process. The concept of Globalization is, however, quite old. Some connotations refer to it as a revolution, a concept and a global market establishment that is free from social and political colonialism, regression and destabilization, while others refer to stability and development, cooperation and integration and progress. The interpretation of Globalization is defined by an individual’s social status, political ideology, and cultural background, local and, religious and ethnic background.

According to Pugel (104-140), “Globalization is the system of interaction among the countries of the world in order to develop the global economy. Globalization refers to the integration of economics and societies all over the world. Globalization involves technological, economic, political, and cultural exchanges made possible largely by advances in communication, transportation, and infrastructure.” Thus it can be understood that no particular definition is capable of defining Globalization encompassing its entire positive and negative traits.

However, many researchers and authors have provided descriptions that comprehend one or more realities of Globalization. Globalization is a process that shrinks the world by diminishing distances and bringing things closer to one another. It can be compared to the availability and increasing ease through which individuals at one corner of the globe can interact with another individual at the other end of the globe for mutual benefit. The term global society was coined by Albrow (1990). According to him, Globalization can be referred to all those activities and processes through which individuals around the globe are incorporated into one societal world, known as a global society.

Globalization is increasingly becoming omnipresent (Friedman 10). It is regarded as one of the most important changes in the history of human culture. This can be reflected in various domains, especially in social structures, social relationships, which are widely dispersed around the globe. It has been found out the criticism surrounding Globalization is equally strong. The recent growth of various anti-globalization campaigns and groups is proof that people are not completely satisfied with the policies and opportunities provided by a globalized economy.

According to critics, Globalization has resulted in weaker and smaller countries losing their culture and traditional features. Globalization has created so many associations and pacts within countries that economic crises are spreading from one country to another at a much faster rate than expected. Critics also argue that the dictatorship of more powerful countries over others is becoming clearer. Nations are not able to control migration or financial flows. Inequality, as well as unemployment, is other factors that have pushed Globalization into the negative side.

The current research is aimed at analyzing the pros and cons of Globalization. Globalization and its various concepts will be discussed in order to get a better view of its present status as well as history and evolution. The various advantages and disadvantages of Globalization will be evaluated in terms of its influence on multifaceted factors.