Abstract

The phenomena of globalization has several facets, including economic, social, political,
technological, and cultural ones. Modern technological innovations like computers and
supersonic jets are built on the foundation of earlier technologies like the steam engine,
cotton gin, typewriter, telephone, and electrical appliances. These innovations are also built
upon earlier ones, such as the development of the wheel, the domestication of animals and
plants, and the migration of African ancestors at the birth of human creativity. In order to
comprehend the present aspects of globalization, some scholars have purposefully restricted
their study of globalization to the past forty years. Others are looking for connections
between globalization and the revolutionary inventions of the 19th century. Even some other
people are trying to comprehend globalization by going back to the beginning of
industrialism and capitalism. Finally, a few academics disagree with the idea that
globalization can be confined to a few decades, contending that it is a process that has been
ongoing for millennia. A erroneous or hazy concept could result in misunderstandings,
whereas a clear description encourages knowledge, interest, and insight that drive things
along in the right way. It is important to first explain what is meant by globalization because
it is a complex process. Here, globalization is defined as a collection of economic and
political structures and processes that result from the shifting nature of the goods and assets
that form the foundation of the global political economy, particularly their growing structural
difference.

Economic Globalization
After the end of World War II, an economic conference was organized in Bretton Woods,
England, which served as the catalyst for the gradual emergence of the current international
economic system. The major North American economic powers changed their protectionism
strategy from the interwar period (1918–1939). The success of that summit was largely due to
the contributions of America and England. (Steger, 2020). Along with creating enforceable
standards for foreign operations, these nations also reached agreement on growing
international trade. Other significant international organizations, such as the IMF, World
Bank, and World Trade Organization, were established thanks to the Bretton Woods
Conference. (Steger, 2020). To manage global monetary systems, the International Monetary
Fund was founded. Similar to this, the World Bank was established to offer a loan facility for
the reconstruction of post-war Europe, but its mandate was later broadened to include lending
to developing nations worldwide. To address the issues with global commerce, the General
Agreement on Tariffs and Trade was founded in 1947. In 1995, it became the World Trade
Organization. "The intensity and widening of economic interrelations across the globe" is
referred to as economic globalization. (Steger, 2020). Economic globalization, according to
Martin, Schumann, and Camiller, "refers to the progressive "networking" of national market
economies into a single, tightly interconnected global political economy, whose accumulation
and distribution of resources are increasingly governed by neoliberal principles-emphasizing
the role of the market while minimizing governmental involvement in economic matters."
Globalization in the financial sector is defined by a larger level of cross-border foreign
investment, capital movement, foreign lending, and joint ventures than before. (JR., 2016).
Therefore, increased money flows, international trade in products and services, a move
towards a single market, and the tearing down of national borders are all signs of economic
globalization.

Political Globalization
Political globalization is defined as "the strengthening and widening of political ties around
the world."(Steger, 2020). Humans have recently come to identify with one single nation, and
political divisions have been established on these lands. This fabricated division has bred a
mentality of "us" and "them" that divides the social realm into home and international sectors.
People's dehumanizing beliefs about others and their nation's superiority have provided the
fuel for massive war expenditures. (Steger, 2020). The modern phenomenon of globalization
has attempted to erode traditional territorial and conceptual barriers. Globalization critics
believe that the hyper-globalizer stance is, at worst, incorrect and, at best, premature. (Steger,
2020). "States still are at the center of international systems," this state-centric organisation
claims. (Wendt, 2012). The world's most powerful states' post-cold war geopolitical and post-
economic strategies are clear reflections of the state-centric global order. (Kapstein, 2001).
According to (JR., 2016), "States are only adjusting to a political and economic system
established after World War II." States are changing, but they are not going away, as stated
by Rosenau in his summary of the argument. Even if state sovereignty has been
compromised, it is still vehemently defended. Although governments are less strong, they can
still exert influence. The state's reach has expanded in certain sectors while contracting in
others, to put it simply. (Wendt, 2012).

Cultural Globalization
Talking about globalization's effects on the economy and politics may only tell part of the
story because it also has an impact on people's social and cultural lives, where they
experience significant changes. (JR., 2016). Giddens made an attempt to define the social side
of globalization as "global social linkages which link remote locales in such a way that local
happenings are impacted by events occurring many miles away and vice versa." The term
"intensification and expansion of cultural flows throughout the globe" is used to describe
cultural globalization.(Steger, 2020). Globalization on a social and cultural level is a
mingling of ideas. The emergence and intensification of one dimension are influenced by the
other. Due to value exchange, there is a higher likelihood of cultural proximity when people
are socially integrated. This notion is reinforced by considering the well-known index created
by (Dreher, 2006) measuring globalization. Globalization is divided into three main
categories by Dreher: economic, political, and social. The three components of social
globalization are interpersonal communication, information exchange, and cultural proximity.
Positively, an accelerated march toward cultural homogeneity would result in
institutionalized, modernized, and rationalized global culture as linguistic, ethnic, and racial
diversity are erased. This type of social structure may lead to true transnationalism and a
more tolerant, peaceful global order. However, a different viewpoint claims that the cultural
identities are threatened by homogeneous cultures that are dominated by western and
American norms and symbols. Therefore, because of the power of expanding exchange of
values, norms, identities, ideas, and self-concepts, globalization presents a challenge for
communities of authentic culture. (JR., 2016). Barber provided justification for cultural
globalization by claiming that the harm posed by cultural homogeneity is just as serious as
any threat resulting from political and economic globalization because they both somehow
involve the ruin of both individuals and groups.

Works Cited
Dreher, A. (2006). Does globalization affect growth? Evidence from a new index of globalization.
JR., L. H. (2016). Globalization Debunking the Myths.
Kapstein, E. B. (2001). Sharing the Wealth: Workers and the World Economy.
Steger, M. B. (2020). Globalization: A Very Short Introduction.
Wendt, A. (2012). Social Theory of International Politics.