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Globalization Summary

Globalization refers to the increasing interconnectedness and interdependence of peoples and countries through increased cross-border movement of goods, services, capital, technology and information. It began accelerating in the late 20th century due to growth in trade and financial globalization. While globalization has economic benefits like growth and access to goods, it also has negative effects such as increased inequality, environmental damage, and cultural homogenization.

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12 views3 pages

Globalization Summary

Globalization refers to the increasing interconnectedness and interdependence of peoples and countries through increased cross-border movement of goods, services, capital, technology and information. It began accelerating in the late 20th century due to growth in trade and financial globalization. While globalization has economic benefits like growth and access to goods, it also has negative effects such as increased inequality, environmental damage, and cultural homogenization.

Uploaded by

dasij3880
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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What is Globalization?

All Definitions of Globalization


 Globalization means the speedup of movements and exchanges (of human
beings, goods, and services, capital, technologies or cultural practices) all over
the planet.
 According to WHO, globalization can be defined as” the increased
interconnectedness and interdependence of peoples and countries.
 According to the Committee for Development Policy (a subsidiary body of the
United Nations), from an economic point of view, globalization can be defined as:
“(…) the increasing interdependence of world economies as a result of the
growing scale of cross-border trade of commodities and services, the flow of
international capital and the wide and rapid spread of technologies.
 In geography, globalization is defined as the set of processes (economic, social,
cultural, technological, institutional) that contribute to the relationship between
societies and individuals around the world. It is a progressive process by which
exchanges and flows between different parts of the world are intensified.

When Did Globalization Begin? The History of Globalization


 For some people, this global phenomenon is inherent to human nature. Because
of this, some say globalization begun about 60,000 years ago, at the beginning of
human history.
 It was particularly after the second half of the 20th century that world trades
accelerated in such a dimension and speed that the term “globalization” started
to be commonly used.

Examples of Globalization (Concept Map)


 Economic globalization
 Financial globalization
 Cultural globalization
 Political globalization
 Sociological globalization
 Technological globalization
 Geographic globalization
 Ecological globalization

The Benefits of Globalization


 The Engine of Globalization – An Economic Example- This acceleration of
economic exchanges has led to strong global economic growth. It fostered as
well a rapid global industrial development that allowed the rapid development of
many of the technologies and commodities we have available nowadays.
 Globalization Benefits – A Financial Example- This financial globalization has
contributed to the rise of a global financial market in which contracts and capital
exchanges have multiplied.
 Globalization – A Cultural Example- Good examples of cultural globalization are,
for instance, the trading of commodities such as coffee or avocados. Coffee is
said to be originally from Ethiopia and consumed in the Arabid region.

Why Is Globalization Bad? The Negative Effects of Globalization


 The Negative Effects of Globalization on Cultural Loss- Apart from all the benefits
globalization has had on allowing cultural exchanges it also homogenized the
world’s cultures. That’s why specific cultural characteristics from some countries
are disappearing.
 The Economic Negative Effects of Globalization- The consequences of
globalization are far from homogeneous: income inequalities, disproportional
wealth and trades that benefit parties differently. In the end, one of the criticisms
is that some actors (countries, companies, individuals) benefit more from the
phenomena of globalization, while others are sometimes perceived as the
“losers” of globalization.
 The Negative Effects of Globalization on the Environment- Many critics have also
pointed out that globalization has negative effects on the environment. Thus, the
massive development of transport that has been the basis of globalization is also
responsible for serious environmental problems such as greenhouse gas
emissions, global warming or air pollution.

The Road from Globalization to Regionalization


Regionalization can also be analyzed from a corporate perspective. For instance,
businesses such as McDonald’s or Starbucks don’t sell exactly the same products
everywhere. In some specific stores, they consider people’s regional habits. That’s why
the McChicken isn’t sold in India, whereas in Portugal there’s a steak sandwich menu
like the ones you can get in a typical Portuguese restaurant.

Globalization Quotes by World Influencers


 “No generation has had the opportunity, as we now have, to build a global
economy that leaves no-one behind. It is a wonderful opportunity, but also a
profound responsibility.” - Barack Obama, former U.S. president
 “Globalization is a fact, because of technology, because of an integrated global
supply chain, because of changes in transportation. And we’re not going to be
able to build a wall around that.” - Dominique Strauss-Kahn, former
International Monetary Fund Managing Director
 “Globalization is not only something that will concern and threaten us in the
future, but something that is taking place in the present and to which we must
first open our eyes.” - Bill Gates, owner and former CEO of Microsoft

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