The Importance Of Globalization In The 21st Century

1110 Words3 Pages
bulb-icon

Recommended: globalization in the 20th century

In the 21st century, globalisation is a term that keeps being frequently used, thus the need to comprehend and grasp its true significance in our society has become vital. The concept of Globalisation and the connotations it carries have become very complex. In its most simplistic form, the term globalisation can be defined as ‘the cross national flows of goods, investment, production and technology’ (Petras, 1999). Generally, it can be said that the complexity of globalisation reflects the growing intricacy of contemporary society. The term globalization describes the process of the deepening, broadening and speeding up of the world in all aspects of modern life. Globalisation captures elements of a contemporary world that is being sculpted …show more content…

Theodore Levitt (Levitt, 1983) was one of the first academics to write about globalisation in 1983 and he highlighted the important role of technology in the globalisation of markets and thus, ‘converging commonality’ in countries around the planet. In Levitt’s ‘Globalisation of markets’, he suggested that cultural differences due to globalisation were becoming more homogenised, perhaps predicting the condition of contemporary society today. However society has changed since then and the meaning of globalisation with it, and the widespread view of globalisation being homogenous or even to some extent being described as ‘Americanisation; has somewhat diminished. Dr Moises Naim (Naim, 2009) explains how even America have greatly benefited from globalisation, highlighting that globalisation is bigger than one of the world’s biggest super power. Furthermore, Naim explains how relationships between countries has moved from simply co-operating to integrating with one another, sharing ideas, knowledge and culture. In the same way, Scholte (Scholte, 2008) sustains this notion, calling globalisation the ‘spread of trans-planetary and the reduction in barriers to trans-world social contacts. Highlighting that this is the new characteristic of contemporary society; world-wide

Show More
Related

  • Gloablisation and Its Affect on Business in Industries in Developing Countries

    1324 Words  | 3 Pages

    Globalisation is the process by which the world is becoming increasingly interconnected as a result of massively increased trade and cultural exchange. Globalisation brings many benefits such as freer movement of capital, goods, and services; bigger companies are now able to operate in more than one country and because of that there are more jobs in less economically developed countries (LEDC’s). Of course there are a few disadvantages such as an intense competition and widening gap between rich and poor countries.

    Read More

  • Impact of Globalisation on International Public Policy

    3202 Words  | 7 Pages

    “Globalisation” is an old process that started way before the 20th century. In fact, the first signs of globalisation appeared with the first merchants that used to travel from a country to an another to buy and sell theirs goods. But “globalisation...

    Read More

  • Impact of Globalization on Superdry

    2107 Words  | 5 Pages

    John Baylis, Steve Smith and Patricia Owens define globalisation as “mostly simply [or simplistically!] defined as a process of increasing interconnectedness between societies such that events in one part of the world increasingly have effects on peoples and societies far away. A globalized world is one in which political, economic, cultural, and social events become more and more inter connected, and also one in which they have more impact” (John Baylis S. S., 2014, p. 9).

    Read More

  • The Pros And Cons Of Globalization

    937 Words  | 2 Pages

    Globalisation refers to the changes in the way nations, regions, organisations, groups and individuals interact across national borders (Rondinelli and Behrman, 2000). It is an ongoing process that gradually eliminates national and regional preferences and ultimately turns the world into a single market place (Levitt, 1983) through international trade in goods and services, cross-border flows of capital and exchange of technology (Nunnenkamp et al, 1994)

    Read More

  • Globalisation in the Global South Social Policy

    1505 Words  | 4 Pages

    Globalisation is a post-modern phenomenon caused by the transitional activities toward modernization via markets. As Professor Leslie Sklair defined it: “Globalisation in a generic sense, which is too often confused with its dominant actually existing type, capitalist globalization, is defined here in terms of (i) the electronic revolution; (ii) post colonialisms; (iii) the creation of transnational social spaces; and (iv) qualitatively new forms...

    Read More

  • What Are The Pros And Cons Of Globalization In Singapore

    2270 Words  | 5 Pages

    The term ‘globalization’ was referred by Hussein Mutalib in his studies as “the process of further integrating the global community into an inter-dependent, border-less world through means such as capital, exchange, production and information flows” (Mutalib, 2002). In essence, globalization includes: (a) economic globalization; (b) political globalization, (c) socio-cultural globalization and (d) world opinion on various issues and agendas that call for universal action (Mutalib, 2002).

    Read More

  • Globalization and International Finance, Questions and Answer

    1517 Words  | 4 Pages

    Globalization is defined as moving towards a world in which barriers to cross-border trade and investment are declining; distance is shrinking due to new advance in transportation and telecommunications technology, material culture is starting to look similar the world over; national economies are merging into an interdependent, integrated global economic system (Hill). The word itself. “globalize”, appeared in the 1960s meaning to “make global in scope or application”.

    Read More

  • Sociology and Globalisation

    2154 Words  | 5 Pages

    Globalisation can be construed in many ways. Many sociologists describe it as an era in which national sovereignty is disappearing as a result of a technological revolution, causing space and time to be virtually irrelevant. It is an economic revolution, which Roland Robertson refers to in his book ‘Globalisation’ 1992 pg 8, as “the compression of the world and the intensification of consciousness of the world as a whole”. It is argued that globalisation allows the world to become increasingly more united, with people more conscious of ethnic, societal, civilizational and individual aspects of their lives.

    Read More

  • Critical Review of Peter Dickens' Global Shift: Mapping The Changing Contours of the World Economy

    1167 Words  | 3 Pages

    When the term “Globalization” is discussed, most academics, scholars, professionals and intellectuals attempt to define and interpret it in a summarized fashion. My main concern with this approach is that one cannot and should not define a process that altered decades of history and continues to, in less than 30 words. Global Shift is a book with remarkable insight. Peter Dicken rather than attempting to define the commonly misused word, explains Globalization in a clear and logical fashion, which interconnects numerous views. Dicken takes full advantage of his position to write and identify the imperative changes of political, economic, social, and technological dimensions of globalization.

    Read More

  • How Economic Reforms Have Affected Globalization In India

    1093 Words  | 3 Pages

    Globalisation is a vast concept. It is mandatory for the survival of almost any nation’s economy. It is the network of interdependence between countries for products, services as well as basic needs. Globalization has its’ myriad advantages as well as disadvantages which we may not have acknowledged yet. I intend on discussing some o...

    Read More

  • Globalization and New World Order

    1586 Words  | 4 Pages

    Globalization can be explained in economic and sociological contexts. Malcolm Waters, in his book– ‘Globalization’ writes that “Globalization is a social process in which the constraints of geography on economic, political, social and cultural arrangements recede, in which people become increasingly aware that they are receding and in which people act accordingly.” Whereas, Nobel laureate and economist Joseph Stiglitz in his book ‘Globalization and Its Discontents’ says that ”Globalization is the closer integration of the countries and peoples of the world ...brought about by the enormous reduction of costs of transportation and communication, and the breaking down of artificial barriers to the flows of goods, services, capital, knowledge, and people across borders." However, according to Jon Aart Scholte- an authority on the subject- globalization as a process is ‘deterritorialization’; i.e., under the conditions of the process of globalization, territories- geographical boundaries have transgressed and have become extraneous to human relations. For instance, employees of a call-centre in Noida can sell insurance schemes to a resident of New York. Malcolm Waters based on the different forms of human exchange proposed a ‘Globalization Theorem.’ The theorem states that-“Material exchanges localize; political exchanges internationalize; and symbolic exchanges globalize.” Material exchange refers...

    Read More

  • Positive And Negative Impacts Of Globalisation Essay

    1589 Words  | 4 Pages

    However, there are key traits that are agreed upon by many, if not most, researchers in the field. There are two key traits that are relevant for the current paper. The first trait is that globalisation transcends traditional boundaries. For example, Mohammad Abed-Aljabbari defines globalisation as system that ‘extend[s] a culture and transferring it to other countries’ . This means that what was historically confined to a specific culture is readily available and easily transferred between countries. Culture may refer to traditions, or the culture of learning and even the culture in which organisations are run. The second trait that is commonly found in the defining of globalisation is that it enhances interdependence between nations. Flanagan, Kugler, and Frost (2011) aptly coined the hustle and bustle that is created by globalisation as the ‘process of growing international activity’ . The emphasis on the growth of a porous, unrestricted, and broad-reaching collaborative process allows us to reconcile with the fact that countries depend on each other extensively in order to progress. This, as will be presented later, comes with opportunities and challenges on its own. Thus, even when the definition of globalisation is yet to be perfected, it is clear that the term is referring to the phenomenon that encompasses the transcendence of traditional boundaries which leads to an interdependence between nations for

    Read More

  • The Importance of Globalization

    1568 Words  | 4 Pages

    Using 1997 financial crisis and other examples, discuss how globalization is important to the modern business journalism. Introduction

    Read More

  • Globalization and Technology

    1460 Words  | 3 Pages

    Globalisation is a very complex term with various definitions, in business terms, “globalization describes the increasingly global nature of markets, the tendency for transnational businesses to configure their business activities on a worldwide basis, and to co-ordinate and integrate their strategies and operations across national boundaries” (Stonehouse, Campbell, Hamill and Purdie, 2004, p. 5).

    Read More

  • Globalization and Energy System in Indonesia

    2356 Words  | 5 Pages

    After the cold war, word ‘globalization’ was commonly used at a time of unprecedented interconnectedness when advanced nations experienced a ruthless development by exploiting energy resources and stressing culture forms in developing countries. To identify the definition of ‘globalization’, it is significant to clarify its appearance as well as implication.

    Read More

More about The Importance Of Globalization In The 21st Century

Open Document