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n has led to creation of new social networks and activities that have increasingly overcome traditional cultural, political, economic and geographic boundaries. This has played a critical role in the intensification and acceleration of social exchanges and activities hence increasing human consciousness and interdependence. Steger (23) brings the concepts together and defines globalization as “a multidimensional set of social processes that create, multiply, stretch and intensify worldwide social interdependencies and exchanges while at the same time fostering in people a growing awareness of deepening connections between the local and the distant.”
According to Appuradai (1), it only takes the merest acquaintance with the facts of the modern world to note that it is now an interactive system in a sense which is strikingly new. Hughes (34) states that historians and sociologists, especially those concerned with translocal processes and with the world systems associated with capitalism have long been aware that the world has been a congeries of large scale interactions for many centuries. Yet today’s world involves interactions of a new order and intensity. According to Hansen (34), cultural transactions between social groups in the past have generally been restricted, sometimes by the facts of geography and ecology, and at other times by active resistance to interactions with the other.
Appuradai (6) has proposed an elementary framework for exploring various disjunctures applied in globalization. The framework looks at five dimensions of global cultural flow which includes: ethnoscapes, mediascapes, technoscapes, financescapes and ideoscapes. The suffix scape points out to the fluid, irregular shapes of the landscapes, shapes which characterize international capital as deeply as they do to international clothing styles. The landscapes are therefore the building blocks of the imagined worlds of persons and groups
To start with, ethnoscape refers to the
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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.