Defining Globalization

  • The IMF defines globalization as “the growing economic interdependence of countries worldwide through increasing volume and variety of cross-border transactions in goods and services, freer international capital flows, and more rapid and widespread diffusion of technology” (IMF, World Economic Outlook, May, 1997). The World Bank defines globalization as the "Freedom and ability of individuals and firms to initiate voluntary economic transactions with residents of other countries".
  • Globalism, if the concept is reduced to its economic aspects, can be said to contrast with economic nationalism and protectionism. It is related to laissez-faire capitalism and neoliberalism.
  • It shares a number of characteristics with internationalization and is often used interchangeably, although some prefer to use globalization to emphasize the erosion of the nation-state or national boundaries.
  • Making connections between places on a global scale. Today, more and more places around the world are connected to each other in ways that were previously unimaginable. In geography, this process is known as complex connectivity, where more and more places are being connected in more and more ways. Arjun Appadurai identified five types of global connectivity:
    • Ethnoscapes: movements of people, including tourists, immigrants, refugees, and business travellers.
    • Financescapes: global flows of money, often driven by interconnected currency markets, stock exchanges, and commodity markets.
    • Ideoscapes: the global spread of ideas and political ideologies. For example, Green Peace has become a worldwide environmental movement.
    • Mediascapes: the global distribution of media images that appear on our computer screens, in newspapers, television, and radio.
    • Technoscapes: the movement of technologies around the globe. For example, the Green Revolution in rice cultivation introduced western farming practices into many developing countries.
  • In its cultural form, globalization has been a label used to identify attempts to erode the national cultures of Europe, and subsume them into a global culture whose members will be much easier to manipulate through mass media and controlled governments. In this context, massive legal or illegal immigration has been allowed, mainly in European countries.
  • Economic globalization — there are four aspects to economic globalization, referring to four different flows across boundaries, namely flows of goods/services, i.e. 'free trade' (or at least freer trade), flows of people (migration), of capital, and of technology. A consequence of economic globalization is increasing relations among members of an industry in different parts of the world (globalization of an industry), with a corresponding erosion of national sovereignty in the economic sphere.
  • "The concept of globalisation refers both to the compression of the world and the intensification of consciousness of the world as a whole" - Benedikt Kiesenhofer

Here are some good sites to learn more about globalization

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