1. OBJECTIVES
1. Distinguish different interpretations of and
approaches to globalization
2. Describe the emergence of global economic, political,
social, and cultural systems
3. • Globalization is the process in which people,
ideas and goods spread throughout the world,
spurring more interaction and integration between
the world's cultures, governments and economies.
Globalization Concepts, Meanings, Features, and Dimension
4. Globalization Concepts, Meanings, Features, and Dimension
There were similarities in features of those prevailing
wave of globalization before the outbreak of the First World
War in 1914 to the current wave. There is an increase cross
border- trade, investment, and migration due to policy and
technical developments in the past few decades. It is in the
area of economic development that observers believe the
world has entered a new phase.
5. Globalization Concepts, Meanings, Features, and Dimension
In the years since the Second World War, and
especially during the past two decades, many
governments have adopted free-market economic
systems, vastly increasing their own productive
potential and creating myriad new opportunities for
international trade and investment.
6. Globalization Concepts, Meanings, Features, and Dimension
Governments also have negotiated dramatic
reductions in barriers to commerce and have established
international agreements to promote trade in goods,
services, and investment. Taking advantage of new
opportunities in foreign markets, corporations have built
foreign factories and established production and
marketing arrangements with foreign partners. A defining
feature of globalization, therefore, is an international
industrial and financial business structure.
7. Globalization Concepts, Meanings, Features, and Dimension
One principal driver of globalization is technology.
Economic life is dramatically transformed by advancement
in information technology. All sorts of individual economic
actors like consumers, investors, and businesses which are
valuable new tools for identifying and pursuing economic
opportunities, including faster and more informed analyses
of economic trends around the world, easy transfers of
assets, and collaboration with far-flung partners are
provided by information technologies(4)
8. Globalization is the process of integration of
economies across the world through cross-border flow of
factors product and information (5). According to the
International Monetary Fund (IMF) globalization is the
growing economic interdependence of countries
worldwide through increasing volume and variety of cross
border transactions in goods and services and of
international capital flows and also through the more rapid
and wide diffusion of technology (6).
Globalization Concepts, Meanings, Features, and Dimension
9. Globalization is an expansion, and
intensification of social relations and
consciousness across world time and
world space. It is about growing
worldwide connectivity according to
Steger.
Globalization Concepts, Meanings, Features, and Dimension
10. In the fifth edition of his bestselling Very
Short Introduction Manfred B. Steger
considers the major dimensions of
globalization: economic, political, cultural,
ideological, and ecological. He looks at its
causes and effects, and engages with the hotly
contested question of whether globalization is,
ultimately, a good or a bad thing. From climate
change to the Ebola virus,
Globalization Concepts, Meanings, Features, and Dimension
11. Further, globalization is considered a multi-dimensional
process involving economic, political, technological, cultural,
religious and ecological dimensions. It suggests a dynamic
process of change that results in either positive or negative
development. It leads to the creation of something new; it
involves the multiplication of social connections and
various activities that transgress traditional and political,
economic, cultural and geographical lines.
Globalization Concepts, Meanings, Features, and Dimension
12. Attributes, Qualities or Characteristics of Globalization
1. It involves both the creation of new social
networks and the multiplication of existing
connections that cut across traditional, political,
economic, cultural, and geographical boundaries.
Example (1): Brazilian World Cup: Today’s media combine
conventional TV coverage with multiple streaming feeds
into digital devices and networking sites that transcend
nationally
13. Attributes, Qualities or Characteristics of Globalization
2. Globalization is reflected in the expansion and the
stretching of social relations, activities, and connections.
Examples:
Reaching of financial markets around the globe
Occurrence of electronic around the clock
Emergence of gigantic and virtually identical shopping malls in all continents to
cater to consumers who can afford commodities all over the world-including
products whose various components were manufactured in different
countries.This process is called social stretching.
14. Attributes, Qualities or Characteristics of Globalization
3. Globalization involves the intensification and
acceleration of social exchanges and activities
Examples:
The worldwide web relays distant information in real time
Satellites provide consumers with instant pictures of remote events
Sophisticated social networking by means of Facebook or twitter has
become routine activity for more than a billion people around the
globe
15. Attributes, Qualities or Characteristics of Globalization
4. Globalization processes do not occur merely or an
objective, material level but they also involve the subjective
plane of human consciousness. Without erasing local and
national attachments, the compression of the world into a
single place has increasingly made global the frame of
reference for human thought and action.
16. Attributes, Qualities or Characteristics of Globalization
Globalization involves both the macro-structures of a
global community and the micro-structures of global
personhood. It extends deep into the core of the self and
its dispositions, facilitating the creation of multiple
individual and collective identities nurtured by the
intensifying relations between the personal and the global.
They differ from each other by acceleration in the speed of
social exchanges and widening of geographical scopes (7)
