What Really is Globalization?
How it works
What really is globalization? Merriam-Webster dictionary defined globalization as the act of process of globalizing: the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets. However, there is also another view on globalization as the growth of the sizes of social systems and the increase in the complexity of intersocietal links.
Thus, in certain respects, globalization may be regarded as a process connecting the past, the present, and the futureas a sort of bridge between the past and the future (Sheffield, Korotayev, & Grinin xix). These may be somewhat two different views but there is one thing that is common on both development. Globalization means development dealing not only with the physical and economic areas but also on the social and psychological areas.
How it works
Globalization may be seen as a means to progress. However there are growing frustrations arising as groups strive for globalization. Ocampo mentioned in his article that globalization can be said to have three basic objectives The first of these objectives emphasizes the interdependence among nations. The other two reflect the two dimensions in which the concept of development is used in the global discourse (2). He argued that although the process of gradually building up global citizenship refers to equity among citizens and among nations, a far more recognition of social norms and standards should be considered as an essential part of the social contract involving the extension of economic, social and cultural rights that international cooperation aims.
Development in institutions, social structures and developmental logics are brought about mainly by the actions of individuals and organizations within polities that are semiperipheral relative to the other polities in the same system (Chase-Dunn 60). Globalization is not just a work of single national societies rather it is an interdependent work joint with entities of other political, economic, geographic, ecological, social, cultural, ethnic, religious and historical position. Chase-Dunn mentioned that although unevenly, in areas of expansion and intensification of larger and larger economic, political, military and information networks globalization has been increasing for millennia. And globalization is as much a cycle as a trend (Chase-Dunn 70).
As entities expand and show an upward trend, several bumps or crises may occur. Entities response to these may vary however, historical and perspective may become a reference to better understand its causes and provide an accurate view of the similarities and differences between the previous and current crisis. Thorough analysis of possible responses may be taken from the responses of previous periods of dislocation and breakdown of previous globalization effort.
Paragraph 4- pros of globalization use quote explain/summarize book/ journal Although globalization poses several difficulties, there are several items it had brought well rather to societies. Mike Collins in his Forbes article The Pros and Cons of Globalization mentioned that the proponents say globalization represents free trade which promotes global economic growth” creates jobs, makes companies more competitive, and lowers prices for consumers.
More opportunities of individuals become accessible as entities opens globally. He further said that it also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity, creates the conditions in which democracy and respect for human rights may flourish. Economic improvement is not just the focus that globalization has brought to society. Moreover, it has helped the developing countries in improving its health and education systems (Hamdi 142). Albeit numerous positive impact globalization offers, frustrations are still notable. Osland noted that on equality globalization caused greater chasm between haves and have-nots on individual and country levels (141).
When it comes to the ratio of the richest to the poorest, the gap between the richest and the poorest 20% has increased significantly from 30:1 to 82:1 in 1995 (Osland 139). Another notable negative impact is that, although it created jobs to developing and underdeveloped countries jobs are lost in developed countries (Collins). He further stated that According to conservative estimates by Robert Scott of the Economic Policy Institute, granting China most favored nation status drained away 3.2 million jobs, including 2.4 million manufacturing jobs. Lack of proper governance is also one key issue that globalization is facing. Because of it interdependence and highly networked nature, nation-states are criticized if opportunities of business is not level causing limits in the degree of freedom in the decision making power of entities. The market is not a satisfactory answer for globalization critics and some governments, and the sense that globalization is out of control creates a feeling of powerlessness and resentment in protesters (Osland 143).
Paragraph 6 – conclusion what insights can you share based on your research. While globalization is still a pressing issue and that problem still arises, globalization has brought good towards societies. One thing that needs addressing though is the global governance of the rise to power and global reach of each entity. A global coherence of the largely decentralized system characterizing the global arrangements in the economic and social field and effective accountability of international commitments must be taken into greater deliberation.
Chase-Dunn, Christopher. Continuities and Transformations in the Evolution of World-Systems. Globalization: Yesterday, Today and Tomorrow,2013, pp. 59-85.
Collins, Mike. The Pros and Cons of Globalization. Forbes, https://www.forbes.com/sites/mikecollins/2015/05/06/the-pros-and-cons-of-globalization/#63f24d99ccce
Hamdi , Fairooz Mustafa. The Impact of Globalization in the Developing Countries. Developing Country Studies, Vol.3, No.11, 2013, pp 142-144.
Ocampo, Jose Antonio. Rethinking Global Economic and Social Governance. The Berkeley Electronic Press, 2010. Osland, Joyce. Broadening the Debate: The Pros and Cons of Globalization. Journal of Management Inquiry, 2003, pp. 137-154.
Sheeld, Korotayev and Grinin. Globalization as a Link Between the Past and the Future. Globalization: Yesterday, Today and Tomorrow, 2013