By the term,
globalization, we mean different things to different people. In simple way, it
refers to the opening up of the economy for international market by attaining
world wide competitive. It can be called entire world as global village. Significantly,
it means a process of deepening economic integration, increasing economic
openness and growing economic interference between countries in the world
economy.
Globalization
is the process of international integration arising from the interchange of
world views, products, ideas and other aspects of culture. Globalization describe
the interplay across cultures of macro-social forces. These forces include
religion, politics and economics, Globalization can erode and universalize the
characteristic of a local group. Advances in transportation and
telecommunications infrastructure, including the rise of the internet are major
factors in globalization, generating further interdependence of economic and
cultural activities.
The term
Globalization, has been in increasing use since the mid 1980s and especially
since the mid 990s. In 2000, the International Monetary Fund (IMF) identified
four basic aspects of Globalization :
1- Trade and transportation
2- Capital and investment movements,
3- Migration and movement of people
4- The distribution of knowledge
The term Globalization is derived from the word ‘globalize’, which refers
to the emergence of an international network of social and economic system. One
of the earliest known usages of the term as the noun was in 1930 in the
publication entitled ‘Towards New Education’ where it denoted a holistic view
of human experience in education. A related term, Corporate Giants was coined
by Charles Taze Russell in 1897 to refer to the largely national truest and
other enterprises of the time.
Ronald Roberstone, Professor of sociology at University of Aberdeen, was
the first person to define Globalization as the compression of the world and
the intensification of the consciousness of the world as a whole.
Swedish journalist Thomas Larsson in his book- ‘The Race To The Top: The
real story of Globalization’ states that globalization- ‘ is the process of
world shrinkage of distance getting shorter, things moving closer. It pertains
to the increasing ease with which somebody on one side of the world can
interact, to mutual benefit, with somebody on the other side of the world.’
Globalization can be summarized as the global circulation of goods,
services and capital but also of information, ideas and people.
Globalization involves:-
- Fast growth of trade in goods and services,
- Higher growth in international financial transactions,
- Fast growth in foreign direct investment,
- Deeper form of internationalization resulting from production network of multinationals,
- Emergence of global markets,
- Rapid diffusion of knowledge and technology,
- Globalized transport and communication network,
- Changes in the thinking globalization and modes of operation of international institution,
- The process of globalization is not static but will continue and intensify further.
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