Assignment 1: Read an article relevant to the concept of Globalization.

Define globalization
based from the article. Explain the factors of globalization present in the article.

We commonly hear the term "globalization" used in a variety of circumstances and as a

notion to signify increased trade, foreign corporations, and even the ongoing economic crisis.
Journalists, economists, politicians, environmentalists, attorneys, and even farmers have all
embraced the term "globalization" in recent years. Globalization is an unavoidable phenomenon
that affects almost every aspect of modern life. This dynamic, which is primarily driven by quick
and generally uncontrolled flows of information, goods, ideas, cultural values, capital, services,
and people, is resulting in a more integrated international economy than before. Globalization is
widely acknowledged as one of the most powerful forces influencing the global economy.
"Globalization is a process along four dimensions: economic globalization, world opinion
creation, democratization, and political globalization,” according to Modelski (2007).
Globalization can be defined in a variety of ways. Globalization can be described in
political, social, and economic terms, and for the sake of this study, it is defined in economic
ones. It is characterized as a power in international economics, growth in global economics,
higher scale and degree of economy in relation to world limits, and wider intelligence (Dao,
2004). Globalization also evaluates and measures the effect of economic globalization and its
genuine impact on sovereignty, worldwide range of wealth, and global trade, according to Eric
(2010). It can also be anarchic national economies, in which the sovereignty and ownership of
rights in open trade are adjusted. Finally, it incorporates economic policy, business relations, and
political dissatisfaction. Globalization, according to Beeson (2003), is a necessary component of
national rule, defining it as a process that symbolizes a conversion in a high-value group of
public relations and international trades. Globalization aims to erase national borders, economies,
and societies between countries and territories, as well as removing barriers between markets by
connecting countries' geographic boundaries, separating national and international trade, and
strengthening the integration of markets for real estate, wealth, and good service.

The most important factor in globalization has been trade. Aside from that, there are a
number of other fundamental factors that have influenced the economic globalization process
and will continue to do so in the future. First is the expansion of the internet. The rise of the
internet has boosted e-commerce, making it easier for businesses of all sizes to compete in
worldwide marketplaces. Essentially, the internet serves as a 24-hour storefront, allowing
customers from all over the world to buy things online and at any time from whoever is giving
the greatest price. As a result, the company can afford to give low-cost marketing with a
worldwide reach, allowing even small local enterprises to service customers. That makes
international markets more accessible to all businesses, whether domestic and multinational. It
can now be done by a local antiques business, for example, which can either put up its own
website or sell through an online auction site like eBay. Second, technological advancements
have a significant impact on how organizations connect abroad and market their products and
services internationally. As a consequence, technological advancement has a significant impact
on companies, which will continue into the next generation. The third factor is culture. Cultural
globalization is the rapid exchange of ideas, behaviors, and attitudes beyond national borders,
with a focus on cultural movement and cultural ideals. Advances in science and technology in
communications have aided in the spread of globalization, particularly in the cultural realm, or we
could say that mass media and communication technologies are the key tools for cultural
globalization. Finally, there is social globalization. It primarily focuses on the effects of
globalization on people's lives and their societies. The school system, health services, and laws
have all improved as a result of social development, or the modification of social cultures in a
way that improves the public's capacity to attain the goal. Because many successful leaders and
executives come from good educational institutions, the progress in educational systems has
contributed to social globalization.

In conclusion, globalization is a multifaceted phenomenon that spans a wide range of

economic, social, and cultural movements and trends (Bertucci & Alberti 2001). Although not
completely disorganized, it is dynamic and unpredictable. The main elements behind global
interconnectedness have been recognized as four major factors. Entrepreneurship, trade and
investment liberalization, technical innovation, and worldwide social networks are among them.

References:
Al-Rodhan, N.R. and Stoudmann, G., (2006). Definitions of globalization: A comprehensive
overview and a proposed definition. Program on the Geopolitical Implications of Globalization
and Transnational Security, 6, pp.1-21.
Beeson, M. (2003) ‘Sovereignty under globalisation and Southeast siege: the state in Southeast
Asia’, Third World Quarterly, 24(2), pp. 357–374.
Dao, D. U. C. (2004) ‘Globalisation and state power: The question of context’, pp. 63–73.
Ip, E. C. (2010) ‘Globalization and the future of the law of the sovereign state’, International
Journal of Constitutional Law, 8(3), pp. 636–655.