Globalization
Globalization is a term used to describe that how the trade, technology, exchanging goods,
flow of information, migration of people across the borders, and the cultural exchange of
different regions have brought the world closer to each other. Growing interdependence of
the world has made it a global village owing to the technological advancement and the
modernization of the cultures. The term “Globalization” got popularity after the Cold War
because the new world order was prevailing in the world.
Since ancient times, humans have struggled to settle, produce and exchange goods for their
better sustenance. They worked towards betterment of communication among each other
to improve cooperation and integration of a society. 19th century witnessed global
integration taking off with the advancement of the steam engine, railroads, telegraph, and
other breakthroughs of that century. Owing to these advancements, 1 st wave of global
integration started. The global integration started declining after World War 1 because of
the changing landscape of the world, especially the Europe continent, but again, it
commenced after World War 2. The US made efforts to reintegrate the countries for the
new world order.
Global cooperation and integration lead towards collective benefits of the societies
especially, the underdeveloped ones. Various types of globalization help us understand how
it works for the collective benefits of the countries. For instance, the integration of the
international financial markets and coordination of finance through the multilateral trade
among the states lead towards economic globalization. The states get involved in financial
coordination, which ultimately leads to the collective benefits. Like, the North American
Free Trade Agreement (NAFTA) reaps benefit for all the North American countries through
free trade because they have got free access to import and export to other countries’
markets. Some multinational corporations, like Amazon, Apple, Microsoft, etc., are working
in multiple countries, benefiting the local consumers as well as themselves. The diffusion
and the exchanging of ideas across the borders give rise to political globalization, which
shapes the diplomatic relations among the states, and it also leads toward establishing
international organisations such as the United Nations, etc.
The growing interdependence of the world has highlighted the importance of globalization.
Industrialised countries look for cheaper raw materials from other less developed countries
and find more efficient ways to make finished products, besides giving rich countries access
to lower cost resources and also promotes free trade among states. In this way, work
opportunities are created for the labourers from the different regions who travel to other
countries for better job opportunities, spurring economic development by giving poorer
countries access to foreign capitals.
Critics have viewed globalization from a diverse lens, calling it a barrier to national
prosperity. They claim that removing trade barriers and the free movement of people across
the borders undermine national policies and cultures, besides other factors, like emission of
greenhouse gases from the transport, overfishing, and the deforestation, etc., which have
caused social and environmental issues. Nonetheless, breakthroughs in technology, like
mobile communication, banking systems, and transportation, all are contributing to the
ease of people. To further reap benefits from globalization, a sustainable and inclusive
integration is essential for navigating the challenges and maximising the benefits of the
interconnected world.
