Defining Globalization

GLOBALIZATION
 can be described as a process by which the
people of the world are unified into a single
society and function together.
 is a combination of ECONOMIC,
TECHNOLOGICAL, SOCIOCULTURAL and
POLITICAL forces. It is a term used to
describe the CHANGES in societies and the
world economy.
 is often used to refer to economic
globalization, that is, integration of national
economies into the international economy
through trade, foreign direct investment,
capital flows, migration, and the spread of
technology.
 increases the possibilities of personal
exchange, mutual understanding and friendship
between “world citizens”.
 Academically speaking, Globalization is “The
expansion & INTENSIFICATION of social
relations and consciousness across the world,
time and world space”
 It must not be confused with “making things
common around the world.” It is an
INTEGRATION and not SIMULATION.
 is a concept that is not easy to define because
in reality, globalization has a shifting nature.

Effects of Globalization
Globalization has various aspects which affect the
world in several different ways such as:

1. Industrial
2. Financial
3. Economic
4. Political
5. Legal/Ethical
6. Language
7. Competition
8. Cultural
9. Ecological
10. Social
11. Technical

INDUSTRIAL
 emergence of worldwide production markets and
broader access to a range of foreign products for
consumers and companies. Particularly
movement of material and goods between and
within national boundaries.
FINANCIAL
 emergence of worldwide financial markets
and better access to external financing for
borrowers; emergence of under or un-
regulated foreign exchange and speculative
markets.
ECONOMIC
 realization of a global common market,
based on the freedom of exchange of goods
and capital.
POLITICAL
 some use "globalization" to mean the
creation of a world government, or cartels
of governments (e.g. World Trade
Organization, World Bank, and
International Monetary Fund) which
regulate the relationships among
governments and guarantees the rights
arising from social and economic
globalization.
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