1. Why globalization was considered to be “Globaloney?

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-Globalization is an example of a vague word employed in academic discourses. Just like the
term nationalism, globalization is a complex and ambiguous phenomenon, thus both are hard
concepts to define.
-Our national economy is not really a global phenomenon since it is only centered on Europe,
Eastern Asia, and North America. Also most of our economic activities are still national in terms
of origin and scope.
-Globalization has been applied in a historically inaccurate manner because our international
economy In the late 1990’s was even less incorporated because of the outbreak of the World
War 1. Thus, globalization can be drawn back to the political and cultural relations that
developed the ancient empires of Persia, China, and Rome.
2. Why globalization was considered to be an economic process?
-The evolution of global markets and international corporations led to global economic
interdependence among national states such as the development of international economic
institutions like the European Union, the North American Free Trade Association, and other
regional trading blocs.
-The 1944 Bretton Woods Conference was established because of the emergence and evolution
of the post-World War 1 global economy leading to the formation of the Golden age of
controlled capitalism.
-In 1970s, the collapse of the Bretton Woods System was made then followed by the
intensification of neo-liberalist ideas in the year 1980’s with the collapse of the command-type
economies in Eastern Europe.
-The advent of a transnational financial system made possible the deregulation of interest rates,
the removal of credit controls, and the privatization of government-owned banks and other
financial institutions.
3. Why globalization was considered to be a political process?
-Political globalization might enable the emergence of democratic ideals promoting a global civil
society that promote human rights in the international level.
-Economic globalization leads to the reduced control of national governments over restrictive
policies and economic regulations.
-The rise of a borderless world was the consequences of the irresistible forces of capitalism.
Thus, the nation state has already lost its function as a significant entity in the global community
vis-a-sis the decline of territory as a meaningful framework for understanding political and social
change. Regional economies will be linked together and operate based o free-market principles.
4. Why globalization was considered to be a cultural process?
-Cultural globalization signifies a growing linkage of intricate cultural interconnections and
interdependencies that define our modern social life. These can be made possible through the
emergence of powerful global media corporations that develop new communication
technologies which promote the Anglo-American value system.
-The cultural imperialism promoted an American culture of popular consumerism which was
evident in its choice of music, video, theater, books, and theme parks which create exports that
center around common logos, advertising slogans, stars, songs, brand names, jingles,
trademarks, and the like.
-Global cultural flows instituted five dimensions which includes ethnoscapes (shifting
populations due to influx of tourists, immigrants, refugees, and exiles), technoscapes
(improvement of technologies), finanscapes (movement of all forms of global capital),
mediascapes (electronic know-hows that produce and spread information) and ideoscapes
(principles advanced by states and social movements).