Types of Globalization 1. Economic Globalization: No national economy is an island now. To varying degrees, national economies influence one another.

One country which is capital -rich invests in another country which is poor. One who has better technologies sells these to others who lack such technologies. The products of an advanced co untry enter the markets of those countries that have demands for these products. Similarly, the natural resources of developing countries are sold to developed countries that need them. Thus, globalization is predominantly an economic proce ss involving the transfer of economic resources form one country to another. Exa mple: NAFTA, EU, Multinational corporations 2. Cultural Globalization: Culture has increasingly become a commodity. Pop ular books and films have international markets. Harry Potter has readers almost all over the world. English movies are seen almost in all countries. Western po p music has become popular in developing countries. The reverse flow of culture is insignificant. The flow of culture is mainly from the North to the South. In the last few years the media owners of the West have shown interest in entering developing countries. For example, Murdoch has opened TV channels (STAR News, ST AR Movies and STAR Plus) in India. Cultural globalization has been facilitated b y the information revolution, the spread of satellite communication, telecommuni cation networks, information technology and the Internet etc. This global flow o f ideas, knowledge and values is likely to flatten out cultural differences betw een nations, regions and individuals. As this flow of culture is mainly from the centre to the periphery, from the North to the South, and from the towns and ci ties to villages, it is the cultures of villages of poor countries which will be the first to suffer erosion. e.g. The Simpsons is shown in over 200 countries in the world. 3. Political Globalization: Since long, efforts have been on to bring the w hole world under one government. The League of Nations and the UN have been the efforts in that direction. It is believed that the world under one government wi ll be safer and freer from conflicts: The UN has belied expectations, but a numb er of regional organizations like European Union, ASEAN, APEC and SAARC, and mul ticultural economic organizations such as WTO have come up. The member-states re main sovereign, but through their obligations and commitments, they have, to som e extent, integrated themselves to the concerned international organizations and groupings. 4. Financial globalization

1. Consolidation of financial institutions 2. Globalization of operations -Banking conglomerates extend their reach by form ing strategic alliances with similar institutions in different countries. 3. New technologies -Money moves across national boundaries at the touch of a bu tton -Advances in telecommunications are expanding foreign markets without havin g physical branches there. 4. Universalization of Banking -Growing competition in financial markets and inc reasing irrelevance of national borders and increasingly complex relationships a mong Interconnection of the world s financial systems e.g. stock markets More of a connection between large cities than of nations Example: What happens in Asian markets affects the North American markets. 5. Technological Globalization Connection between nations through technology such as television, radio, telepho nes, internet, etc. Was traditionally available only to the rich but is now far more available to th e poor. Much less infrastructure is needed now.

6. Political Globalization: Political issues in one part of the world direc tly or indirectly affect many other areas Concentrated on multilateral institutions; organizations composed of many states pursuing common goals National policies of one country are intertwined with those of other countries a nd many national problems can be solved through global cooperation. countries are attempting to adopt similar political policies and styles of gover nment in order to facilitate other forms of globalization e.g. move to secular governments, free trade agreements, etc 7. Ecological Globalization seeing the Earth as a single ecosystem rather than a collection of separate ecol ogical systems because so many problems are global in nature e.g. International treaties to deal with environmental issues like biodiversity, climate change or the ozone layer, wildlife reserves that span several countrie s 8. Sociological Globalization A growing belief that we are all global citizens and should all be held to the s ame standards and have the same rights e.g. the growing international ideas that capital punishment is immoral and that women should have all the same rights as men.