Main features of globalization in the current world economy

Globalization has been one of the most debated and the hottest topics in the world. Some people desire to be globalized because of the features of present-day globalization; however, there are a lot of people who still do not want to be globalized. This could create confusion for many. But what is globalization and why are there so many people for and against it? Read these top 10 features of globalization to find out!

What is globalization?

The term ‘globalization’ refers to the emergence of a system into an international network. The earliest knowledge about the word “globalization” comes from the Towards New Education publication in the 1930`s.

The term globalization has been used in economic practices since 1981. This term has also been used at the times when the great Empires created colonies in the new worlds. It can be traced to the 15th century. The person to thank for implementing the term into the global trend is Theodore Levitt.

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There is also an interesting explanation of globalization provided by Sociologist Martin Albrow. According to his words, globalization can be defined as any process of incorporating people into a single world. As at today, there are three main types of globalization.

Globalization Theory – Three main types of globalization

1. Economic Globalization

You can see the results of economic globalization in almost every part of the world today. According to one of the features of current globalization – the world is a united economy. Therefore, there are giant economies which play a major role in the development of all economies of the world. Nonetheless, one of the main drawbacks of this situation is the interdependence it comes with.

Let us take the crisis of 2008 which started in the USA for example; the whole world’s economy almost collapsed because of one country. Therefore, the balance between the countries must be strongly preserved since the weakest countries could suffer from the downfall of the strongest countries.

2. Cultural Globalization

Another great example of globalization is the so-called cultural globalization. It is the transmission of ideas and cultures around the globe. Why do people need that? The main reason is the circulation of cultures. This phenomenon creates an intercultural communication which allows the creation of a brand new world.

For instance it would be impossible to share pop culture, rap, rock and many other genres of music without the help of globalization.

3. Political Globalization

One of the main targets for people who detest globalization is the political globalization. They strongly believe that political globalization means a united government controlled by few. Nonetheless, it is not the same as the situation depicted in George Orwell`s novel “1984”. The globalization processes in politics has the tendency of hitting the world with global democracy.

Still, even if majority of the countries in the world are democratic, it does not mean that other countries should share this idea. Still, it is necessary to understand and comply with the global trends of freedom of speech, human rights and justice.

Top 5 key features of globalization

1. World Markets

One of the key features of present-day globalization is access to the world markets. Did you dream about reaching clients from all around the world twenty years ago? This has been made possible by globalization. Global consumers demand world-class variation and quality of products. It can provide a high-rocket speed development rate for local markets!

2. Global products standardization

If you want to reach the markets all over the world, you will need to be able to satisfy the standards of the global market. The customers will be your judges. If the quality of your goods and services are low, you will be kicked out of the market.

3. Sharing of ideas

Globalization provides an interesting concept of sharing ideas; this is one of its basic features. This is also how different variations of rock, pop, and rap cultures appear in the world. The fact that this ideas are worth sharing makes globalization a good accelerator for spreading them.

4. Raising standards

Globalization does not only increase the standards and quality of products, but the quality of life itself. More and more people have increased their living standards due to global trends. The citizens of one country can see how other people live in the world and adapt the good ideas, that way they can also demand an increase in the standard of living in their countries.

Moreover, it can provide a chain reaction where people will be motivated to take their fates into their hands and change everything around them!

5. Freedom standards

One of the major fears of any anti-globalist is the fear of a united country or government under the rule of few, however, globalization also results in the spreading of freedom standards. This includes the freedom of speech and human rights. Nonetheless, it is still quite difficult to spread these standards all over the world because some countries oppose them; but as well all know, freedom cannot be stopped.

Conclusion

Nobody can be indifferent to globalization, some people vote for it while others are against it. Even anti-globalist have to admit that without globalization they could not have become united in their thoughts against it. Nonetheless, it should also be mentioned that globalization has its drawbacks, but the pros may completely outnumber the cons on this topic.

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Source: Legit.ng

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