Globalization is easier to describe than to define. This is because, in its present form and usage, it is a new, complex, dynamic, multidimensional, and worldwide phenomenon, which means different things to different people and different things to the same groups across time and space. It evokes strong emotions because it is associated, rightly or wrongly, with most of the world's significant challenges and opportunities.
It cuts across many academic disciplinessuch as economics, political science, history, geography, and environmental scienceand many professional practicessuch as diplomacy and international relations, management (public and private), journalism, national and global security, and international development (Anton, 2004).
To provide the reader with a broader meaning of globalization, I provide lists of selected definitions from recent authors and writers. These experts are from different disciplines and organizations as well as from both poor and rich countries. The organizations include the United Nations bodies, universities, and leading media outlets. The disciplines include management and journalism. Still, the list must be viewed only as a small sample and is not intended to be comprehensive.
It is the inexorable integration of markets, nationstates and technologies to a degree never witnessed before in a way that is enabling individuals, corporations and nationstates to reach around the world farther, faster, deeper and cheaper than ever before, and in a way that is enabling the world to reach out to individuals, corporations and nationstates farther, faster, deeper, cheaper than ever before.
Thomas L. Friedman (2000:9)
Globalization is the growing interdependence of the world's people a process integrating not just the economy but culture, technology, and governance. People everywhere are becoming connected-affected by events in far corners of the world.
United Nations Development Program (1999:1)
Present day globalization is a unique convergence of technological, economic and political forces of daunting power and influence, having a massive impact on all aspects of public and private life in economic, social, political and cultural affairs at global, national and local levels. As it influences states and their partner actors, it is also exploited and shaped both positively and negatively by those with the foresight and resources to appreciate its power.
Yet, so diverse and overwhelming is globalization's manifold influences that no one group or sector can control or stop it. As such, it has been responded to and manipulated by a range of actors in the public, private and civil society actors, is instigated in good and bad motives, and has benefited some social and economic groups, but has hurt others who have become more vulnerable and disempowered due to its influence.
United Nations (2000:10)
Globalization has three dimensions: cultural-ideational, politico-institutional, and economic. There are three ordinarily ranked levels of economic integration: existence of global infrastructure, harmonization and convergence of economic policies and institutions, and/or borderlessness. To understand the policy implications of cross border economic integration, we need to focus on flow of goods and services as well as factors of production- land, labor, capital, entrepreneurship, and technology.
Aseem Prakash and Jeffery A. Hart (1998:611)
Tags: impact of globalization on culture, politics and economics, opportunities and challenges for developing countries, international trade
[...] Globalization and Economy All countries in the world—those in support of or opposed to globalization—support the concept of economic growth and development. Growth means the opportunity for wealth creation and income generation. Support for economic globalization is based on the realization that it enables nations, governments, societies, enterprises, and individuals to create more wealth and generate more income through more efficient modes of production, consumption, and exchange. Increases in wealth and income give rise to higher standards of living and improved quality of life. [...]
[...] (Rajaee, 2000) A major political factor in determining the shape of the current world political system is US military and diplomatic power, along with the collapse of the Soviet Union and the desire of China to adopt the economic if not the political system of the ‘West'. The United States is the strongest political influence on every continent and uses this influence to support ‘freedom' in the sense of capitalism as well as liberal democracy. (Galtung, 2001) Another technological factor is the relative ease of travel and migration through air and motorway transport. [...]
[...] By contributing to liberalization, rising incomes, increased use of technology, better education, and global migration, globalization helps to create multiple environments in support of cultural and interactive diversity. It allows people to experiment with alternative models of development, while at the same time borrowing ideas and practices from other cultures and institutions. It provides people with the opportunity to enjoy freedom for their own culture while simultaneously being exposed to other cultures. It allows weaker and smaller cultures to coexist alongside the big and powerful cultures. [...]
[...] It has also added more complexity to the business because the industry has to deal with different clients in different countries and with different needs of banking and financial services, and it must operate under different economic, social, and political systems. The needs of banking and financial services differ with the different stages of development, and therefore, satisfying the needs of worldwide clients is a growing challenge for the globalizing industry. (Johnson, 2002) The changing nature of the business of the banking industry and the environment in which it operates has brought about increased uncertainty and new and unknown risks. [...]
[...] Nations Development Program (1999:1) “Present day globalization is a unique convergence of technological, economic and political forces of daunting power and influence, having a massive impact on all aspects of public and private life in economic, social, political and cultural affairs at global, national and local levels. As it influences states and their partner actors, it is also exploited and shaped both positively and negatively by those with the foresight and resources to appreciate its power. Yet, so diverse and overwhelming is globalization's manifold influences that no one group or sector can control or stop it. [...]
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