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    C&PS Assignment 5

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    Praveen Kumar
    Globalization refers to the increased interconnectedness between countries through faster flows of goods, services, finance, people and ideas across international borders. While globalization has increased economic growth and cultural exchanges, it has also led to negative consequences like rising inequality, environmental damage, and loss of local cultural uniqueness. Both the benefits and criticisms of globalization must be considered to ensure the phenomenon develops in a sustainable and socially responsible manner.

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    C&PS Assignment 5

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    Praveen Kumar
    78 views17 pages
    Globalization refers to the increased interconnectedness between countries through faster flows of goods, services, finance, people and ideas across international borders. While globalization has increased economic growth and cultural exchanges, it has also led to negative consequences like rising inequality, environmental damage, and loss of local cultural uniqueness. Both the benefits and criticisms of globalization must be considered to ensure the phenomenon develops in a sustainable and socially responsible manner.

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    Globalization refers to the increased interconnectedness between countries through faster flows of goods, services, finance, people and ideas across international borders. While globalization has increased economic growth and cultural exchanges, it has also led to negative consequences like rising inequality, environmental damage, and loss of local cultural uniqueness. Both the benefits and criticisms of globalization must be considered to ensure the phenomenon develops in a sustainable and socially responsible manner.

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    © All Rights Reserved
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    78 views17 pages

    C&PS Assignment 5

    Uploaded by

    Praveen Kumar
    Globalization refers to the increased interconnectedness between countries through faster flows of goods, services, finance, people and ideas across international borders. While globalization has increased economic growth and cultural exchanges, it has also led to negative consequences like rising inequality, environmental damage, and loss of local cultural uniqueness. Both the benefits and criticisms of globalization must be considered to ensure the phenomenon develops in a sustainable and socially responsible manner.

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    of 17

    Globalization

    Sai Niharika 15
    Sai Kumar 29
    Vishal 38
    Greeshma 39
    Humera 40
    What is Globalization?

     Globalization means the speedup of movements and exchanges (of human


    beings, goods, and services, capital, technologies or cultural practices) all over
    the planet. One of the effects of globalization is that it promotes and increases
    interactions between different regions and populations around the globe.

    An Official Definition of Globalization by the World Health Organization (WHO)


     globalization can be defined as ” the increased interconnectedness and
    interdependence of peoples and countries. It is generally understood to include two
    inter-related elements: the opening of international borders to increasingly fast
    flows of goods, services, finance, people and ideas; and the changes in institutions
    and policies at national and international levels that facilitate or promote such
    flows.”
    The History Of Globalization
    For some people, this global phenomenon is inherent to
    human nature. Because of this, some say globalization
    begun about 60,000 years ago, at the beginning of
    human history. Throughout time, human societies’
    exchanging trade has been growing.
    Since the old times, different civilizations have
    developed commercial trade routes and experienced
    cultural exchanges.

    And as well, the migratory phenomenon has also been


    contributing to these population exchanges. Especially
    nowadays, since traveling became quicker, more
    comfortable, and more affordable.
    History of Globalization

     This phenomenon has continued throughout history, notably through military


    conquests and exploration expeditions. But it wasn’t until technological
    advances in transportation and communication that globalization speeded
    up. It was particularly after the second half of the 20th century that world
    trades accelerated in such a dimension and speed that the term
    “globalization” started to be commonly used.
    Factors under Globalization

     Economic globalization: is the development of trade systems within


    transnational actors such as corporations or NGOs;
     Financial globalization: can be linked with the rise of a global financial
    system with international financial exchanges and monetary exchanges. Stock
    markets, for instance, are a great example of the financially connected global
    world since when one stock market has a decline, it affects other markets
    negatively as well as the economy as a whole.
     Cultural globalization: refers to the interpenetration of cultures which, as a
    consequence, means nations adopt principles, beliefs, and costumes of other
    nations, losing their unique culture to a unique, globalized supra-culture;
     Political globalization: the development and growing influence of
    international organizations such as the UN or WHO means governmental action
    takes place at an international level. There are other bodies operating a global
    level such as NGOs like Doctors without Borders or Oxfam.

     Sociological globalization: information moves almost in real-time, together


    with the interconnection and interdependence of events and their
    consequences. People move all the time too, mixing and integrating different
    societies;

     Technological globalization: the phenomenon by which millions of people are


    interconnected thanks to the power of the digital world via platforms such as
    Facebook, Instagram, Skype or Youtube.
     Geographic globalization: is the new organization and hierarchy of different
    regions of the world that is constantly changing. Moreover, with
    transportation and flying made so easy and affordable, apart from a few
    countries with demanding visas, it is possible to travel the world without
    barely any restrictions;

     Ecological globalization: accounts for the idea of considering planet Earth as


    a single global entity – a common good all societies should protect since the
    weather affects everyone and we are all protected by the same atmosphere.
    To this regard, it is often said that the poorest countries that have been
    polluting the least will suffer the most from climate change.
    The Benefits Of Globalization

     Globalization has benefits that cover many different areas. It reciprocally


    developed economies all over the world and increased cultural exchanges. It
    also allowed financial exchanges between companies, changing the paradigm
    of work. Many people are nowadays citizens of the world. The origin of goods
    became secondary and geographic distance is no longer a barrier for many
    services to happen. 
    The Engine Of Globalization – An Economic Example

     The most visible impacts of globalization are definitely the ones affecting the economic
    world. Globalization has led to a sharp increase in trade and economic exchanges, but
    also to a multiplication of financial exchanges.
     In the 1970s world economies opened up and the development of free trade policies
    accelerated the globalization phenomenon. Between 1950 and 2010, world exports
    increased 33-fold. This significantly contributed to increasing the interactions between
    different regions of the world.
     This acceleration of economic exchanges has led to strong global economic growth. It
    fostered as well a rapid global industrial development that allowed the rapid
    development of many of the technologies and commodities we have available nowadays.
     Knowledge became easily shared and international cooperation among the brightest
    minds speeded things up. According to some analysts, globalization has also contributed
    to improving global economic conditions, creating much economic wealth 
    Globalization Benefits- A Financial Example

     Finance also became globalized. From the 1980s, driven by neo-liberal


    policies, the world of finance gradually opened. Many states, particularly the
    US under Ronald Reagan and the UK under Margaret Thatcher introduced the
    famous “3D Policy”: Disintermediation, Decommissioning, Deregulation.
     The idea was to simplify finance regulations, eliminate mediators and break
    down the barriers between the world’s financial centers. And the goal was to
    make it easier to exchange capital between the world’s financial players. This
    financial globalization has contributed to the rise of a global financial market
    in which contracts and capital exchanges have multiplied.
    Globalization – A Cultural Example

     Together with economic and financial globalization, there has obviously also
    been cultural globalization. Indeed, the multiplication of economic and
    financial exchanges has been followed by an increase in human exchanges
    such as migration, expatriation or traveling.
     These human exchanges have contributed to the development of cultural
    exchanges.
     This means that different customs and habits shared among local communities
    have been shared among communities that (used to) have different
    procedures and even different beliefs.
     At the same time, books, movies, and music are now
    instantaneously available all around the world thanks to
    the development of the digital world and the power of the
    internet. These are perhaps the greatest contributors to
    the speed at which cultural exchanges and globalization
    are happening.
     There are also other examples of globalization regarding
    traditions like Black Friday in the US, the Brazilian Carnival
    or the Indian Holi Festival. They all were originally created
    following their countries’ local traditions and beliefs but as
    the world got to know them, they are now common
    traditions in other countries too.
    The Negative Effects Of Globalization On Cultural
    Loss

     Apart from all the benefits globalization has had on allowing cultural
    exchanges it also homogenized the world’s cultures. That’s why specific
    cultural characteristics from some countries are disappearing.
    From languages to traditions or even specific industries. That’s why according
    to UNESCO, the mix between the benefits of globalization and the protection
    of local culture’s uniqueness requires a careful approach.
     Despite its benefits, the economic growth driven by globalization has not
    been done without awakening criticism. The consequences of globalization
    are far from homogeneous: income inequalities, disproportional wealth and
    trades that benefit parties differently. In the end, one of the criticisms is that
    some actors (countries, companies, individuals) benefit more from the
    phenomena of globalization, while others are sometimes perceived as the
    “losers” of globalization. 
    The Negative Effects Of Globalization On The
    Environment

     Many critics have also pointed out that globalization has negative effects on
    the environment. Thus, the massive development of transport that has been
    the basis of globalization is also responsible for serious environmental
    problems such as greenhouse gas emissions, global warming or air pollution.
     At the same time, global economic growth and industrial productivity are
    both the driving force and the major consequences of globalization. They also
    have big environmental consequences as they contribute to the depletion of
    natural resources, deforestation and the destruction of ecosystems and loss of
    biodiversity.
     The worldwide distribution of goods is also creating a big garbage problem,
    especially on what concerns plastic pollution.
    Globalization, Sustainable Development,
    And Corporate Social Responsibility

     By promoting large-scale industrial production and the


    globalized circulation of goods, globalization is
    sometimes opposed to concepts such as resource
    savings, energy savings or the limitation of greenhouse
    gases. As a result, critics of globalization often argue
    that it contributes to accelerating climate changes and
    that it does not respect the principles of ecology. At the
    same time, big companies that don’t give local jobs and
    choose instead to use the manpower of countries with
    low wages (to have lower costs) or pay taxes in countries
    with more favorable regulations is also opposed to the
    criteria of a CSR approach. Moreover, the ideologies of
    economic growth and the constant pursuit of
    productivity that come along with globalization, also
    make it difficult to design a sustainable economy based
    on resilience.
     On the other hand, globalization is also needed for the transitioning to a more
    sustainable world, since only a global synergy would really be able to allow a
    real ecological transition. Issues such as global warming indeed require a
    coordinated response from all global players: fight against CO2 emissions,
    reduction of waste, a transition to renewable energies. The same goes for
    ocean or air pollution, or ocean acidification, problems that can’t be solved
    without global action. The dissemination of green ideas also depends on the
    ability of committed actors to make them heard globally.
    Thank you

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