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Alternatively taken as synonymous with globalization are the concepts of free market, economic liberalization, westernization or Americanization, technological (Internet) revolution, global integration, and internationalization (Scheuerman, 2006).
“…the fundamental changes in the spatial and temporal contours of social existence, according to which the significance of space or territory undergoes shifts in the face of a no less dramatic acceleration in the temporal structure of crucial forms of human activity.” (Scheuerman, 2006)
Broken down to its essential concept, globalization is the change in our culture because of the growing insignificance of time and space in our lifestyle and in the manner we deal with one another. People get in contact and interact in progressively shorter periods of time, and often almost instantaneously, such that the illusion of no-distance is perceived to exist among us. This is not confined to the use of electronic means of communicating long distances, but encompasses rather the vast area of elements and attributes that define human existence.
This definition given to globalization also precludes the idea that any one country or culture dominates the acculturation process. Globalization had been associated with Westernization (or Americanization), giving way to “a psycho-cultural underdevelopment… expressed in a desire to imitate blindly the Western way of life, thought, and development pattern” (Dhaouadi, 2002). In the first half of the twentieth century, it is undeniable that the US and Western Europe were the predominant net providers of capital in the world, and Asia, Africa, the Middle East, and much of the rest of the world were net users. Classical economists argue that economic growth depends upon capital accumulation, and in the case of a lack of it, then capital infusion to generate production (Muhammad, Majeed,
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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.
‘'American hip-hop music began to see popularity in the Arab World in the early-to-mid 1990s''1 (“Arab Hip Hop”). A large number of Arab countries are taking up hip hop as a genre in music. Hip-hop music is not a part of the Arabic culture, but as soon as people listen to it and find out that it is interesting they like it.
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.
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.
ization has led to the breakdown of the production process, since the stages involved in manufacturing can be distributed over a number of places other than at the source of raw materials, especially due to the reduction in transportation costs (Giddens 2006). Knowledge transfer