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Globalization

Globalization

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Published by: durgesh527 on Jan 31, 2010
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Globalization
From Wikipedia, the free encyclopedia
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Globalization
(or 
globalisation
) describes an ongoing process by which regional economies,societies, and cultures have become integrated through a globe-spanning network of communication and execution. The term is sometimes used to refer specifically toeconomicglobalization: the integration of national economies into the international economy throughtrade, foreign direct investment,capital flows, migration, and the spread of technology.
However,globalization is usually recognised as being driven by a combination of economic, technological,sociocultural, political, and biological factors.
The term can also refer to the transnationalcirculation of ideas, languages, or  popular culturethroughacculturation.
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[edit] Definitions
An early description of globalization was penned by the American entrepreneur-turned-minister Charles Taze Russellwho coined the term 'corporate giants' in 1897.
 However, it was not untilthe 1960s that the term began to be widely used by economists and other social scientists. It hadachieved widespread use in the mainstream press by the later half of the 1980s. Since itsinception, the concept of globalisation has inspired numerous competing definitions andinterpretations.
TheUnited NationsBuildingThe United Nations ESCWAhas written that globalization "is a widely-used term that can be defined in a number of different ways. When used in an economic context, it refers to thereduction and removal of barriers between national borders in order to facilitate the flow of goods, capital, services and labour... although considerable barriers remain to the flow of labour... Globalization is not a new phenomenon. It began in the late nineteenth century, but itslowed down during the period from the start of the First World War until the third quarter of thetwentieth century. This slowdown can be attributed to the inwardlooking policies pursued by anumber of countries in order to protect their respective industries... however, the pace of globalization picked up rapidly during the fourth quarter of the twentieth century..."
Saskia Sassenwrites that "a good part of globalization consists of an enormous variety of micro- processes that begin to denationalize what had been constructed as national — whether policies,capital, political subjectivities, urban spaces, temporal frames, or any other of a variety of dynamics and domains."
Tom G. Palmer of theCato Institutedefines globalization as "the diminution or elimination of  state-enforced restrictions on exchanges across borders and the increasingly integrated andcomplex global system of production and exchange that has emerged as a result."
Thomas L. Friedmanhas examined the impact of the "flattening" of the world, and argues thatglobalized trade,outsourcing, supply-chaining, and political forces have changed the world  permanently, for both better and worse. He also argues that the pace of globalization isquickening and will continue to have a growing impact on business organization and practice.
 
HSBCis the largest bank in the world and operates across the globe.
 
 Noam Chomskyargues that the word globalization is also used, in a doctrinal sense, to describethe neoliberal form of economic globalization.
Herman E. Daly argues that sometimes the terms internationalization and globalization are usedinterchangeably but there is a significant formal difference. The term "internationalization" (or internationalisation) refers to the importance of international trade, relations, treaties etc. owingto the (hypothetical) immobility of labor and capital between or among nations.
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Finally,Takis Fotopoulosargues that globalisation is the result of systemic trends manifestingthe market economy’s grow-or-die dynamic, following the rapid expansion of transnationalcorporations. Because these trends have not been offset effectively by counter-tendencies thatcould have emanated from trade-union action and other forms of political activity, the outcomehas been globalisation. This is a multi-faceted and irreversible phenomenon within the system of the market economy and it is expressed as: economic globalisation, namely, the opening andderegulation of commodity, capital and labour markets which led to the present form of neoliberal globalisation; political globalisation, i.e., the emergence of a transnational elite and the phasing out of the all powerful-nation state of the statist period; cultural globalisation, i.e., theworldwide homogenisation of culture; ideological globalisation; technological globalisation;social globalisation.
[edit] History
The historical origins of globalization are the subject of on-going debate. Though some scholarssituate the origins of globalization in themodern era,others regard it as a phenomenon with a long history.Perhaps the most extreme proponent of a deep historicalorigin for globalization wasAndre Gunder Frank , an economist associated withdependency theory.Frank argued that a form of  globalization has been in existence since the rise of trade links betweenSumer and the Indus Valley Civilizationin thethird millenniumB.C.
 Critics of this idea point out that it rests uponan overly-broad definition of globalization.

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