What Really is Globalization?
What really is globalization? The Merriam-Webster dictionary defines globalization as the act or 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 future as 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 in both: development. Globalization means development dealing not only with the physical and economic areas but also with the social and psychological areas.
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 at.
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 the 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 positions. 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’ responses to these may vary, however, historically and prospectively 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. A thorough analysis of possible responses may be taken from the responses of previous periods of dislocation and breakdown of previous globalization efforts.
In Paragraph 4, the pros of globalization: use a quote, explain/summarize a book or journal. Although globalization poses several difficulties, there are several items it has brought 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 for individuals become accessible as entities open globally. Furthermore, globalization provides poor countries with the chance to develop economically through infusions of foreign capital and technology. By spreading prosperity, it creates conditions in which democracy and respect for human rights may flourish. However, the economic improvement is not the sole focus that globalization has brought to society. It has also helped developing countries improve their health and education systems (Hamdi 142). Despite the numerous positive impacts globalization offers, frustrations are still notable. Osland noted that globalization has caused a greater chasm between the haves and the have-nots on both individual and country levels (141).
When it comes to the ratio of the richest to the poorest, the gap has significantly increased from 30:1 to 82:1 in 1995 (Osland 139). Another substantial negative impact is that, although it created jobs in developing and underdeveloped countries, jobs are lost in developed countries (Collins). 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. A lack of proper governance is another key issue that globalization faces. Due to its interdependent and highly networked nature, nation-states face criticism if business opportunities are unbalanced, which limits the degree of freedom in entities’ decision-making power. The market is not a satisfactory answer for globalization critics and some governments. The sense that globalization is out of control creates a feeling of powerlessness and resentment among protesters (Osland 143).
In conclusion, while globalization remains a pressing issue and problems still arise, it has brought significant benefits to societies. One area in need of attention is the global governance regarding the rise to power and global reach of each entity. Greater consideration must be given to achieving global coherence in the largely decentralized system that characterizes global arrangements in the economic and social field. There should also be effective accountability for international commitments.
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.