GLOBALIZATION Globalization or globalisation is the process of
GLOBALIZATION
� Globalization or globalisation is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. Advances in transportation (such as the steam locomotive, steamship, jet engine, and container ships) and in telecommunications infrastructure (including the rise of the telegraph and its modern offspring, the Internet, and mobile phones) have been major factors in globalization, generating further interdependence of economic and cultural activities. Though many scholars place the origins of globalization in modern times, others trace its history long before the European Age of Discovery and voyages to the New World. Some even trace the origins to the third millennium BC. Large-scale globalization began in the 19 th century. In the late 19 th century and early 20 th century, the connectivity of the world's economies and cultures grew very quickly. INTRODUCTION
� The term globalization is very recent, only establishing its current meaning in the 1970 s. In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge. Further, environmental challenges such as global warming, cross-boundary water and air pollution, and overfishing of the ocean are linked with globalization. Globalizing processes affect and are affected by business and work organization, economics, socio-cultural resources, and the natural environment. Academic literature commonly subdivides globalization into three major areas: economic globalization, cultural globalization, and political globalization.
ETIMOLOGY AND USAGE � The term globalization is derived from the word globalize, which refers to the emergence of an international network of economic systems. One of the earliest known usages of the term as a noun was in a 1930 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 (of the Watch Tower Bible and Tract Society) in 1897 to refer to the largely national trusts and other large enterprises of the time. By the 1960 s, both terms began to be used as synonyms by economists and other social scientists. Economist Theodore Levitt is widely credited with coining the term in an article entitled "Globalization of Markets", which appeared in the May–June 1983 issue of Harvard Business Review. However, the term 'globalization' was in use well before this (at least as early as 1944) and had been used by other scholars as early as 1981. Levitt can be credited with popularizing the term and bringing it into the mainstream business audience in the later half of the 1980 s. Since its inception, the concept of globalization has inspired competing definitions and interpretations, with antecedents dating back to the great movements of trade and empire across Asia and the Indian Ocean from the 15 th century onwards. Due to the complexity of the concept, research projects, articles, and discussions often remain focused on a single aspect of globalization.
Sociologists Martin Albrow and Elizabeth King define globalization as "all those processes by which the peoples of the world are incorporated into a single world society. " In The Consequences of Modernity, Anthony Giddens writes: "Globalization can thus be defined as the intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa. " In 1992, Roland Robertson, professor of sociology at University of Aberdeen, an early writer in the field, defined globalization as "the compression of the world and the intensification of the consciousness of the world as a whole. "
ECONOMIC GLOBALIZATION � Economic globalization is the increasing economic interdependence of national economies across the world through a rapid increase in cross-border movement of goods, services, technology, and capital. Whereas the globalization of business is centered around the diminution of international trade regulations as well as tariffs, taxes, and other impediments that suppresses global trade, economic globalization is the process of increasing economic integration between countries, leading to the emergence of a global marketplace or a single world market. Depending on the paradigm, economic globalization can be viewed as either a positive or a negative phenomenon. Economic globalization comprises the globalization of production, markets, competition, technology, and corporations and industries. Current globalization trends can be largely accounted for by developed economies integrating with less developed economies by means of foreign direct investment, the reduction of trade barriers as well as other economic reforms, and, in many cases, immigration.
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