Globalization (or globalisation) refers to the process or processes of international integration. Human interaction over long distances has existed for thousands of years. The overland Silk Road that connected Asia, Africa and Europe is a good example of the transformative power of international exchange.
Behind the rhetoric of globalization - rhetoric found in public as well as academic debate - lie three broad accounts of the nature and meaning of globalization today, referred to here as the hyperglobalist, the sceptical, and the transformationalist views.
In sum, globalization can be thought of as the widening, intensifying, speeding up, and growing impact of world-wide interconnectedness. By conceiving of globalization in this way, it becomes possible to map empirically patterns of world-wide links and relations across all key domains of human activity, from the military to the cultural.
The meaning of the term is itself a topic in global discussion; it may refer to "real" processes, to ideas that justify them, or to a way of thinking about them. The term is not neutral; definitions express different assessments of global change. Among critics of capitalism and global inequality, globalization now has an especially pejorative ring.
There are many reasons to think that globalization might undermine cultural diversity: multinational corporations promote a certain kind of consumerist culture, in which standard commodities, promoted by global marketing campaigns exploiting basic material desires, create similar lifestyles--"Coca-Colanization." Modern institutions have an inherently rationalizing thrust, making all human practices more efficient, controllable, and predictable, as exemplified by the spread of fast food--"McDonaldization." The United States exerts hegemonic influence in promoting its values and habits through popular culture and the news media--"Americanization."
Employees of "globalized" firms face a riskier, but potentially more rewarding, menu of labor market outcomes. We document this neglected trade-off of globalization for a sample of Indian manufacturing firms. On the one hand, the employees of firms subject to foreign competition face a more uncertain stream of earnings and riskier employment prospects.
Whereas the world is rapidly growing and developing into a world single unit’ otherwise known as the Global Village, rapid movement at realizing the new and on going process of Globalisation is a direct function of (national) development. In addition, that Globalisation will incidentally bring about world development because of the opening up of one’s economy and products for an intensive competition among countries of the world at the world markets. It is obvious that the industrialised countries of the North will entirely benefit by taking the advantage of the opportunities offered in the spheres at wider markets for trade in that capital (economic fundamentals) will tend to move from relatively weak countries to those that are strong and developed.
The question is not to reap the benefits of globalization, but a greater one, that is how to share these benefits between the developed, developing and least developed countries in an equitable manner. Can we anticipate from globalization to deliver the expected returns indiscriminately where freer economies mean more competition between the unequal? The key today is to master the art of economic diplomacy and really enabling oneself ready to unleash the potentials offered by the phenomenon of globalization rather than waiting of the opportunities to knock the door which will never happen until conscious effort is done to harness the potentials offered.
Globalization can be analyzed culturally, economically, politically, and institutionally. For each type of analysis, a key difference is whether one sees increasing homogeneity or heterogeneity. At the extremes, the globalization of culture can be seen either as the transnational expansion of common codes and practices or as a process in which many global and local cultural inputs interact to create a kind of pastiche, or a blend, leading to a variety of cultural hybrids.
Globalization is the spread of worldwide practices, relations, consciousness, and organization of social life. Nearly every nation and the lives of billions of people through the world are being transformed, often quite dramatically, by globalization. The degree and significance of its impact can be seen almost everywhere one looks, most visibly in the now common protests that accompany high-level meeting of global organizations such as the World Trade Organization and the International Monetary Fund.
The origin of globalization can be traced back in the 16th century when the West started to explore and discover new worlds and continents, bringing the English to India in form of East India Company. The process of global economic integration was perpetrated at the behest of World War II and the first Great Depression, when the leaders of Britain and the US fumbled with the idea of reconstructing the war-torn world monetary system.