LEGENDmag

What is Globalization?

Well it’s not perfect by any means but here’s the definition from Wikipedia. It was the best one that I found.

Globalization is the abstract phenomenon of various processes that has resulted in more interconnections of political, socio-cultural and economic events at the global scale. Globalization can be viewed as an uneven process that strengthens the dependency of major economies on each other while at the same time increasing the distance between economies that depart from the major economies of the world. The implications of the different effects of globalization on different countries show the multi-faceted effects of the similar processes operating in the different countries that are related through globalization.
“Globalization, as a term, is very often used to refer to economic globalization, that is integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and spread of technology.^[1]

The market structure that is typically associated with the process of globalization is market liberalization while recent World Bank policies seemed to suggest that it is moving towards neo-liberalism. Globalization can also be defined as internationalism, however such usage is typically incorrect as “global” implies “one world” as a single unit, while “international” (between nations) recognizes that different peoples, cultures, languages, nations, borders, economies, and ecosystems exist. The difference between internationalization and globalization is that the former does not exhibit the interconnected flows that affects different parts of the world one can observe in a globalized section of the world.”