Globalization Today: A Review

The term globalization refers to the international integration of isolated geographical areas, communities and people through exchange of trade and commerce; ideas; culture and products. Here is a sample essay on globalization.

 History

The history of globalization goes back to the beginning of ancient civilizations of Mesopotamia, Egypt, Indus Valley and China. However it was only with the discovery of the ‘New World’ during the age of empires (15^th and 16^th centuries) that different regions of the world began to be integrated together. The Spanish and Portuguese Empires were followed by the English, Dutch and French empires in Asia and Africa. Global movement of trade and people got a further fillip with the industrial revolution and new discoveries in transportation. Although the globalization suffered a setback during the World Wars and the Cold War, post Soviet era saw a massive increase in the global movements of trade and people due to the neo-liberal policies of the various national governments and the revolution in information technology. 

Two aspects of globalization

Although the term may refer to several issues there are, however, certain chief characteristics of globalization.

·         Economic Globalization: 

    Economic globalization entails integration of national markets with the global capital markets, liberalization of the trade barriers, removal of protective tariffs and import taxes. Two success stories of such economic globalization are India and China. China’s economic reform in the 1980s was followed by an unprecedented level of economic growth. On the other hand, India’s economic reforms of 1990s and the success in business process outsourcing contributed largely to poverty alleviation and GDP growth. However on the flip-side economic globalization has also opened up potential sources of danger. Due to increasing economic integration of the world market, a financial crisis may snowball into a major global crisis such as economic recession of USA between 2007 and 2009 and the ongoing Euro zone crisis. Further, such economic globalization has made poor countries dependent on developed countries through international financial institutions and their policies.

·         Socio-Cultural Globalization:   

    Cross-cultural movement of ideas, culture, languages may occur due to globalization. Spread of popular music, cinema and other artistic endeavors are some of the most important results of cultural globalization. However, even here we see a greater outflow of Western cultural forms to other parts of the world than the reverse. Thus, US-based TV shows are now shown via satellite television all over the world; while American brands such as MacDonald’s and Starbucks export not only fast food but also cultural values. Further English has emerged as a major global language in the world. Finally, the internet revolution is major consequence of globalization. By 2010, it was estimated that almost 22 percent of the world’s population had access to the internet. The rise of social media is another major factor contributing to the exchange of ideas and public opinion. 

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