A Brief Description of Globalization

Topics: Globalization, International Monetary Fund, Developing country Pages: 15 (5102 words) Published: January 30, 2012

The term “globalization” has become a catchall term for all manner of political, economical , social, environmental, and cultural change. In Defense of Globalization, Jagdish Bhagwati , the term “globalization” refers to the liberalization of trade and trade barriers between countries and corporations. Despite its elusive definition, or perhaps because of it, globalization has acquired many critics in the past decade or so. Globalization is certainly the buzzword of the new millennium. The nature and impact of globalization has been the subject of profound debate and concern in economic circles since the mid-1990s. The controversy surrounding the on-going debates about globalization is whether unfettered market forces will further diverge or converge income the world over. On the one hand, proponents of globalization say it has promoted information exchange, led to a greater understanding of other cultures, raised living standards, increased purchasing power (most especially in the west) and allowed democracy to triumph over communism. (1) On the other hand, opponents of globalization, such as those who protested against the ministerial meetings of the World Trade Organization (WTO) in Seattle and most recently in Quebec City, say the West’s gain is at the expense of developing countries. These opponents charge that globalization is synonymous with imperialism and does little more than encourage corporations to relocate factories to countries with the cheapest labor and the weakest environmental laws. (2) They further argue that, “even in the developed world, not everyone has been a winner. The freedoms granted by globalization are leading to increased insecurity in the workplace.  Unskilled workers in particular are under threat as companies shift their production lines overseas to low-wage economies.”(3)Mainstream economic thought promises that globalization would lift the poor above poverty, dissolve dictatorships, protect the environment, integrate cultures, and most importantly, reverse the growing economic gap between rich and poor countries of the world.

Everyday we hear it on the news,read it in the papars, overhear people talking about it and in every single instance the world globalization seems to have a different meaning. Globalization is considered by many to be the inevitable wave of the future. It is primarily an economic phenomenon and involves the increasing interaction and integration of national economic systems through growth in international trade, investments and capital flows. Globalization is a hard term to define. It’s more than just a single thing; it’s a way of life. It is fast becoming the way of life for everyone on the planet whether they like it or not. People around the globe are more connected to each other than ever before.  Globalization means free movement of goods, service, people and information across the national borders. It also destroys the environment, sweeping away all that is healthy and meaningful to human existence. Globalization is a series of social, economical, technological, culture, and political changes that promote interdependence and growth. There are heated debates about globalization and its positive and negative effects. While globalization is thought of by many as having the potential to make societies richer through trade and to bring knowledge and information to people around the world, there are many others who perceive globalization as contributing to the exploitation of the poor by the rich, and as a threat to traditional cultures as the process of modernization changes societies. There are some who link the negative aspects of globalization to terrorism. To put a complicated discussion in simple terms, they argue that exploitative or declining conditions contribute to the lure of informal "extremist" networks that commit...
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