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GLOBALIZATION IN THE 21ST CENTURY

Mohit Kumar (Garg)
(HOD, North India College of Higher Education (NICHE), Najibabad (Bijnor) U.P)

ABSTRACT
This paper aims to show the concept of globalization and especially focus on
the status of globalization and the impact globalization on our culture,
economy and political issues in the 21st century. Most over it, in this paper, I
want to show the real condition and depiction og globalization in the 21 st
century. Globalization is a many disciplinary in the history of ideas including
economics, cultural studies, politics, sociology etc. This study wants how to
find out the condition or status of globalization in the 21st century.

Keywords: economics, cultural studies, politics, sociology, globalization

retain the copyright of this article Copyright© 2020VEDAPublications

Author(s) agree that this article remains permanently open access under the terms of the Creative Commons
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 VEDA’S Vol.7
JOURNAL OF ENGLISH LANGUAGE AND LITERATURE (JOELL) Spl.Issue 1
An International Peer Reviewed(Refereed) Journal 2020
Impact Factor (SJIF) 4.092 http://www.joell.in

globalization was the spice routes of Islamic

INTRODUCTION merchants in the 7th century. According to Thomas L.
The term ‘Globalization’ is used for describing the Friedman the history of globalization divided into
growing interdependence of economy, culture and three phrases first (Globalization1.0) from the 1800s
population of the world. It brought about by cross second from 2000 (Globalization 2.0) third
border trade in services and goods, technology and (Globalization 3.0) present.
flows of investment, information and people. An In the era of the Industrial Revolution, iron, textiles,
interaction and integration process that’s associated manufactured goods could be transported over
with cultural, economical and social aspects among thousands of miles by steamships and trains. With the
people, companies and governments’ world wild of ending of World War II, the new beginning of the
different nations is called globalization. In layman’s global economy and the second Industrial Revolution
words, global interaction among people, cultures and such as the plane, the car and other trades started by
countries based on trade, economics and technology is the U.S.A. Due to the Iron Curtain Fell in 1989, the
called globalization. In the definition of Chris Barker globalization became truly the global phenomenon.
Globalization 4.0 has two powers the U.S.A and China
“The concept of globalization refers us to the and the new frontier of globalization is the cyber
increasing multi-directional economic, social, world. E-Commerce, 3D , and digital services are in the
cultural and political connections that are diastole economy. In the words of Xi Jinping:
forming across the world and our awareness
of them. Thus globalization involves the “Some blame economic globalization for the
increased compression of the world and our chaos in the world,” he said. “It has now
growing consciousness of those processes. In become the Pandora’s box in the eyes of
particular, cosmopolitanism is an aspect of many.” But, he continued, “we came to the
day-to-day Western life as diverse and conclusion that integration into the global
remote cultures have become accessible, as economy is a historical trend. [It] is the big
signs and commodities, via our televisions, ocean that you cannot escape from.” He went
radios, supermarkets and shopping centers. on the propose a more inclusive globalization,
Further, patterns of population movement and to rally nations to join in China’s new
and settlement established during colonialism project for international trade, “Belt and
and its aftermath, combined with the more Road”2
recent acceleration of globalization,
particularly of electronic communications, In the 1990 neoliberal attitudes dominated.
have enabled increased cultural the problem certainly all were clear from a social and
juxtapositioning, meeting and mixing. Indeed, development point of view, but as by the time Anglo-
all locales are now subject to the influences American capitalism was groin, money criticism was
of distant places.”1 deaf ears. Capital spread as the most dynamic,
Globalization was seen as the first glimpse of silk rood innovative and profitable center of capitalism. The city
at the age of the first century. Luxury products started of London and Well Street were led by Tokyo,
to appear in Rome from China. The second glimpse of Hongkong, Frankfurt, Singapore and Shanghai. Global

1 2
Barker, Chris. The SAGE Dictionary of Cultural Studies Sage https://america.cgtn.com/2017/01/17/full-text-of-xi-jinping-
publication 2014 keynote-at-the-world-economic-forum

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 VEDA’S Vol.7
JOURNAL OF ENGLISH LANGUAGE AND LITERATURE (JOELL) Spl.Issue 1
An International Peer Reviewed(Refereed) Journal 2020
Impact Factor (SJIF) 4.092 http://www.joell.in

receive full attention, at least initially. When the

financial crisis caused a recession not only in the
United States but also in Europe, its effects also led to
finance capital was crisis-prone, but precipice arose in the rise in emerging economies, which reduced their
the periphery of world capitalism and served as a tool export demand. For decades the Wall Street
to discipline emerging institutions and link their powerhouse has the benefits of globalization and the
economies to the domestic economy's domineering benefits of financial turmoil. Now there is a huge
tendencies. In the twenty-first century, the tide South End funding crisis due to Wall Street going
changed. At the turn of the millennium, the landscape south. This wealth came from two sources, the money
of capitalism and development began to change. The earned from exports by Asian countries, led by
United States has experienced a number of crises: the Singapore and China; and led by oil exporters, the Gulf
September 11 attacks, a series of Enron and Anderson Emirates and Norway.
corporate scandals, Prabhanjan Katrina, the sub-prime The emergence of the global South in the
Mortenaz crisis, and the effects of the 2008 financial early twenty-first century, the development of South-
crisis and the ongoing waves. Easy borrowing South relations (UNCTED) in trade, energy and politics,
mechanism by the Federal Reserve based on economic and the increasing role of emerging societies and
problems with low-interest rates facilitated by dominating funds have been talked about. South-
excessive borrowing by consumers, banks and North relations7 started to wave first. The Asian crisis
government institutions. They held the pyramid- of 1997–1998 was a major turning point. M. F. Has
hostage at the latest level of the pyramid scheme of been seriously problematic to deal with this crisis,
American finance. In the words of Soros (2008), the exacerbate the crisis by implementing government
so-called Washington consensus imposed strict market spending cuts, even if private spending has declined,
discipline on other countries, but the US was and managing Japan's Asian Monetary Fund by
exempted from it. Credit volume increased in August mismanaging the crisis Trying. American banks and
2007 and popping the US and UK property bubbles hedge funds used the crisis to buy distressed land. In
made the financial and economic crisis more severe fact, the North-South conglomerate appeared not only
since the Great Recession. in agriculture and manufacturing but also in finance,
American capitalism has gone from crisis to as it did in the third world debt crisis of the 1980s. This
crisis, with the management of each crisis time, developing countries modified their attitudes
precipitating the next crisis. Crises demonstrate the toward international financial institutions.
decline of regulatory and neo-liberalism. The market
itself is not healing. So the government made a To protect their financial crisis — Omi,
massive effort to secure collateral and stimulus developing countries accumulated scarce currency
spending and then intervened as a result of political reserves in the form of buffers against financial
gridlock and deficient hawks in the United States and turmoil, sometimes destroying social investment for
austerity in Britain. Meanwhile, a new chorus outside financial security (such as in South Africa) or domestic
of Anglo-American territory was the creation of financial debt Layne (as in Brazil). The meeting of the
capitalism in American. World Trade Minister was another turning point in
November 2003 under the motto, 'There is no better
In the emerging economies of the south where crises deal than a bad deal' under this motto. The global
originated, the 2007–2008 crisis-affected American South has joined the G22 as well as Brazil, South
and European banks while emerging markets did not Africa, India and China. This time the western division

82 Mohit Kumar (Garg)

Spl- Issue on “CULTURAL STUDIES IN THE 21ST CENTURY” Editor- FAIYAZURREHMAN
 VEDA’S Vol.7
JOURNAL OF ENGLISH LANGUAGE AND LITERATURE (JOELL) Spl.Issue 1
An International Peer Reviewed(Refereed) Journal 2020
Impact Factor (SJIF) 4.092 http://www.joell.in

and rule were neither completed nor revived during

the Doha era and the teachings of the Western
negotiators. It heralded the new weight and harmony
of the glob Countries that were not part of the global
power structure felt their global impact rather than
part of the G-8 or the UN Security Council (except
China).

CONCLUSION
To sum up the above points, it can not be
wrong to say that today; this era is known as the
globalization era. In the 21st century, globalization is
different from 20th century globalization. Most over it,
globalization refers us to increase the multi-
directional, economical, social, political and cultural
connection in the world.

REFERENCES
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jinping-keynote-at-the-world-economic-forum
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d%20used,investment%2C%20people%2C%20and%20inf
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4. https://en.wikipedia.org/wiki/Globalization
5. Dreher, A. (2006), ‘Does globalization affect growth?
evidence from a new index of globalization’, Applied
Economics 38(10), 1091–1110.
6. Bhagwati, J. (2004), In defense of globalization, Oxford
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beyond modernity., Polity, Cambridge.
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York.
9. file:///C:/Users/admin/Downloads/Globalisation_in_the_
21st_Century_Measuring_Region.pdf
10. Barker, Chris. The SAGE Dictionary of Cultural Studies
Sage publication 2014

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