The current integrated and interdependent world economy is the outcome of the process of Globalization. Various definitions of Globalization are available. As per Block (2004), in his research paper, has defined globalization as “Intensification of world-wide social relationships which link distant localities in such a way that local happenings are shaped by distant events and, in turn, distant events are shaped by local happenings.” The IMF (2008) claims that globalization is a result of advancement in technologies and modernization of the people. It is the result of growing incorporation of economies in the world, predominantly through the movement of labor, technology, knowledge, services, merchandise and investments across international borders. Globalization also has a direct effect on the social, environmental and political aspects of the economy (ibid). Enhancement in technology is the key driving force of globalization. Advancement in technology especially the growth of internet and telecommunication infrastructure has facilitated an easy method of communication and conducting business globally and creating global markets. Moreover the interconnections of economies will increase both opportunities for the business and competition among them. Zhu (2009) argues that globalization has two different parts namely Globalization of markets and Globalization of productions.
Globalization involves a variety of links expanding and tightening a web of political, economic and cultural inter-connections. Most attention has been devoted to merchandise trade as it has had the most immediate (or most visible) consequences, but capital, in and of itself, has come to play an arguably even larger role than the trade in material goods. Human movements also link previously separate communities. Finally, there is the cultural connection. All the individual data would indicate that we are undergoing a process of compression of international time and space and an intensification of international relations. The separation of production and consumption that is the heart of modern capitalism appears to have reached its zenith. Globalization is not just another "buzz-word" (globaloney), but very much a real and significant phenomenon.
First off, we will search and explore some definitions of the term globalization. ?Globalization is the process of denationalization of markets, politics, and legal systems, i.e., the rise of the so-called global economy? (Introduction to Globalization, 2004). Another article states, ?Globalization is an inevitable phenomenon in human history that?s been bringing the world closer through the exchange of goods and products, information, knowledge and culture. But over the last few decade, the pace of this global integration has become much faster and dramatic because of unprecedented advancements in technology, communications, science, transport and industry? (The Growing Integration of Economies and Societies Around the World, 2005). The third and final definition is from Thomas Friedman who wrote The Lexus and the Olive Tree. ?Globalization is not a phenomenon. It is not just some passing trend. Today it is an overarching international system shaping the domestic politics and foreign relations of virtually every country, and we need to understand it as such? (Friedman, 2004). Now that we know what globalization is, we can know try to track it and better understand it and its effects.
The World War II, a second wave of globalization emerged, lasting from 1950 to 1980. It focused on integration between developed countries as Europe, North America, and Japan restored trade regulations through a series of joint trade liberalizations. At this time, third world countries other poor countries were being pushed aside while these three countries renovate trade regulations to restore satisfactory trading. The most recent wave of globalization, which started in 1980, was stimulated by a combination of advances in transportation and communication technologies. Can you imagine not having a cell phone or the Internet? From a student's perspective, this era of globalization, has greatly increased and ...
The term 'globalization' has been subjected to a variety of interpretations. Though at its simplest it can be seen as how the world has become integrated economically, politcally, socially and culturally through the advances of technology, communication and transport John Baylis et al. (2011).
Each Globalization is split into time periods, with 1.0 lasting from 1492, when Columbus sailed the ocean, to 1800. Friedman explains that Globalization 1.0 was about countries and their muscle. To further explain this, he adds that it mattered how much “muscle, horsepower, wind power, or, later, steam power your country had and how creatively you could deploy it” (Friedman 22). Globalization 1.0 was all about the competition between countries and how effective you were in using your power in competition. Countries, according to Friedman, led the way in driving global integration in this
As Thomas Friedman explains in his book “The World is Flat”, globalization started “when Columbus set sail, opening trade between the Old World and the New World.” Afterwards, “multinational companies went global for markets and labor,” and around the year 2000, individuals were the ones who got into the global world. Today, individuals and small groups easily enter the global market, collaborate, and compete - a process described by Friedman as “the flattening of the world.”
The world is flat is a book by Thomas Friedman that provides an overview of globalization. It is an historical and geographical journey from the days of Columbus to modern day Indian call center, from great depression to the home of a common USA housewife demonstrating the pervasiveness of the world-flattening trend. The book illustrates that in today’s era to remain competitive in global market for any company, country and individual the geographical distance is inapplicable. He suggests government business and individual who must stay ahead of these trend to remain in market.
As Americans we have to start to comprehend that the world around us is changing technologically, politically, and economically. In “The Last Superpower” an excerpt from the book The Post American World by Fareed Zakaria published in 2008. Zakaria emphasizes on these changes. Thomas Friedman the author of “The World is Flat” a piece from the book The World is Flat: A brief history of the twenty-first century published in 2005 also emphasizes on the same changes currently happening in the world. Zakaria and Friedman define these changes as globalization. The obvious common ground shared by both authors is their representation of globalization and the effects that it has and will continue to have on modern life. In contrast to sharing the same main topic both authors take a drastically different approach on how the relay their information to the audience. The differences displayed are mainly due to their personal and educational backgrounds, definitions of globalization as well as the individual writing styles of each author.
Arguments supporting the "flat world theory" come mainly from Friedman. His argument rests on the assumption of ten flatteners and a triple convergence. Friedman says that the power of new information technology has helped bring the world closer together and has made it more interconnected and interdependent (Friedman, 2005). More people now have access to this technological platform for education, innovation and entrepreneurship (Friedman, 2005). However, Florida (2005, p.51) argues that this flat playing field mainly affects the advanced countries, which see not only manufacturing work but also higher-end jobs. Other developing or undeveloped countries simply do not have the luxury of this connection and are left out of this technological platform. Florida (2005, p.51) contends that “...there are more insidious tensions among the world’s growing peaks, sinking valleys, and shifting hills”. This inequality is growing across the world and within countries.
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.
The globalization can be classified into three types of waves such as first wave, second wave and third wave. This globalization has a different period of time because it have different of factor that drive the changes to continues become better of globalization. First globalization happens in year 1870 until 1914. Globalization at this stage happens when decreases in tariff barriers and invented in new technologies to decrease transportation cost such as the shift from sail to steamships and railways. The first wave is ended by World War I and the increase in protectionism. Thereafter, the second wave happens in year 1945 until 1980. This type happens because decreases in transportation cost and specialization of manufacturing products in developed countries. This specialization of manufacturing products...