- Economic, financial, trade and communications integration of world
- Emergence of global village and global networked society as a result of technological revolution and integration of telecommunication, computer and world wide web ( www)
- Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers
- Increase of trade around the world, especially by large multinational companies producing and trading goods across the globe
- A situation in which available goods and services, or social and cultural influences, gradually become similar in all parts of the world
- 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
- Globalization is the free movement of goods and services across the world in a seamless and integrated manner
- Globalization can be thought of to be the result of the opening up of the global economy and the concomitant increase in trade between nations
- When countries that were hitherto closed to trade and foreign investment open up their economies and go global, the result is an increasing interconnectedness and integration of the economies of the world
Joseph Stiglitz, an American New Keynesian economist, Former Chief Economist of World Bank and winner of the 2001 Nobel Memorial Prize in Economics on Globalization:
Stiglitz argues current procedures for globalization is “global governance without global government.” Unlike states, which separation of powers exists, International financial institutions, IMF, WTO, and World Bank, lack any necessary checks and balances.
The causes of this trade slowdown are still being debated, but it is at least possible that we have passed “peak globalization”, that in a decade’s time global trade as a share of the world economy will be lower and not higher.
However, globalization is also affecting us in a negative way. Increased transportation and the global shift of polluting manufacturing industries has resulted in environmental degradation. Pollution is affecting people’s health and having a negative impact on biodiversity levels globally
There are a number of negative impacts globalization has had on cultural diversity, including the influence multinational corporations have on promoting a consumer culture, exploitation of workers and markets and influencing societal values. … This promotes a homogeneous set of values and beliefs.
The major consequences of globalization have been: the transmogrification of traditional religions and belief systems; the beginning of the disintegration of the traditional social fabrics and shared norms by consumerism, cyber-culture, newfangled religions and changing work ethics and work rhythms; the fast spreading
Global communication is directly affected by the process of globalization, and helps to increase business opportunities, remove cultural barriers and develop a global village. Both globalization and global communication have changed the environmental, cultural, political and economic elements of the world.