Globalization

by Yuvi - November 30, 2020

Concept of Globalization

Globalization is a socio-economic and political concept. It means dismantling of social, economical, political and cultural boundaries and working towards integration of economy.

Definition of Globalization

As per A. Giddens – “Globalization is the intensification of world-wide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice-versa.”.

Characteristics of Globalization

1) It signifies borderless growth and internationalization of all aspects of living.
2) It is an active force in the economic sphere in trade and finance.
3) It refers to the development that has occurred as a result of the world becoming an increasingly connected society.
4) The economist Robertson stresses that globalization is not simply about global culture that all people of the world share. But is about how people form their own local cultures, traditions and identities in terms of general global models.

Merits/Significance of Globalization

1) Mutual understanding and friendship among nations.
2) Formation of NGOs.
3) Tariff barrier removed so growth in international trade.
4) Quality consumer goods.
5) Diffusion of knowledge.
6) Reduction in cost of transport and communication.
7) Exchange of technology and manpower.
8) Increase in production and employment.
9) Free flow of foreign capital.
10) Growth in educational opportunities.

Demerits of Globalization

1) Destruction of native industries.
2) Poor countries are at a loss.
3) Exploitation of cheap labour.
4) Inequalities within the country.
5) Impact on works.
6) Impact on farmers.
7) Impact on environment.