Globalization is defined as the spread of information, technology, products and jobs across national borders and cultures. In the terms of economics, we can describe it as the interdependence of nations around the globe to foster global trade. In the same context of economics, globalization can be viewed as the interaction and integration among people, companies and governments, worldwide. The concept of globalization started to develop after the cold war as industrialization and economic advancement were on growing terms at that time.
Coming forward onto the features of globalization, they are difficult to count. One of the prominent ones is the opening of the borders of the state, integration of national economy with that of the global economy, free trade, privatization, different institutions that play a role as agents of globalization, technological revolution, de-terrorization , social movements that are aided by globalization for their recognition and the institutions which plays part in the acceleration of globalization.
When we talk about the nature of globalization, it is a conglomerate of different units that are residing in different parts of the globe but are linked by common ownership. These units respond to a common strategy. The products are present in different parts of the world and human resources are diverse and this all explains the nature of globalization which links all under the same platform. All these multiple units draw on a common pool of resources such as money, information, credits, parents, trademarks and control systems.
The concept of globalization has derived from the geographical locations of one another from ancient times. This all is done through migration, trade and business relations. In the same manner, the same precepts are applied today and are done on a large scale by the introduction of free trade agreements and novel developments in international relations which enabled the states to get benefits from each other’s interests. And this very process of inter-state integration and interaction is named globalization.
There are 3 schools of thought which bring forward three types of globalisation. The first one is hyper globalization which beliefs in the borderless system. Its main focus is on an integrated economy and zero control of the state over the economy. It minimizes the role of the state and gives all the control to an individual. The second one is the sceptical globalisation that portrays and highlights the negative effects of globalisation It questions the effectiveness of training due to historical effects. It brings forwards the voice of the local culture and pinpoints cultural imperialism. It talks about the notion that developed states are imposing culture on developing states. The last one is the transformation of globalization. This school of thought represents the most balanced stance of globalisation. They talk about transforming nationalism into trans-nationalism. Their main area of interest is the development of the global economy and global political system. They also state that you have to reduce your affiliation with your state.
In short, there are diverse views and opinions on globalization. Now, it’s up to us which way we go and which opinion we support by living in our capacity.