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Sociology: Globalisation

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Contents

  1. Introduction
  2. Economic and Financial Dimensions
  3. Political Meanings of Globalisation
  4. Economic and Financial Dimensions
  5. Political Meanings of Globalisation
  6. Globalisation and Culture
  7. Advantages of Globalisation
  8. Disadvantages of Globalisation

Introduction

The definition of globalization is the opening of markets and societies outside of national state borders. Despite the fact that the term "globalization" is often used to refer to interconnectedness on a global scale, it actually describes the increasing interdependence of the various peoples, regions, and nations of the world as social and economic ties spread across the globe. Globalization has several aspects, including economic, political, and cultural. The various dimensions are, however, intricately connected. Below, we'll talk about some of the key aspects of globalization.

Economic and Financial Dimensions 

Policy of Liberalisation, Privatisation and Globalisation 

Markets are opened up and economic ties are strengthened around the world as a result of globalization. A few economic policies achieve this. The policies include removing barriers that foreign businesses face when entering any nation. They are permitted entry and are free to compete with regional businesses. The local and international businesses compete with one another, and there is no special protection for the national businesses.

Additionally, it calls for the liberalization of business practices. The word "liberalization" describes a number of political choices made by states to open their domestic economies to global trade. This represents a departure from the government's general economic policy of having more control. Governments in nations like India have put in place a sizable number of laws to ensure that the local market and indigenous businesses are shielded from competition from the outside world. Such a policy was based on the presumption that a former colonial nation would be adversely affected by a free market.

The Multi National and Transnational Corporations 

In the process of globalization, the growth of Multi National Companies (MNCs) or Trans National Companies (TNCs) is particularly significant. TNCs produce products or market services across borders. They are enormous businesses that conduct business all over the world. Some of the largest TNCs are well-known global brands, e. g. For example, General Motors, Sony, and Philips. Even though they have a distinct national base, they are focused on global markets and global profits.

Use of Information and Communication Technology in Financial Transactions

The rapid global transmission of messages is now possible thanks to the revolution in communication technology. Another element supporting the globalization of the economy is the electronic economy. With the click of a mouse, banks, fund managers, businesses, and individual investors can transfer money internationally. This is because transactions based on the use of information and communication technology have evolved.

Additionally, it should be mentioned that the financial industry has become globally diversified for the first time, largely as a result of the information technology revolution. Financial markets with global integration carry out transactions worth billions of dollars in electronic circuits in a matter of seconds. Capital and security markets are open for trading around-the-clock. The major trading hubs are located in cities like New York, Tokyo, and London. Mumbai is regarded as the nation's financial hub within India.

Knowledge Based Economy

The global economy is no longer predominantly industrial or agricultural in nature, as it was in the previous era. In a weightless economy, the foundation of a product is information, as is the case with computer software and internet-based media services. A knowledge economy is one in which a sizable portion of the labor force is not heavily engaged in the distribution of tangible goods. not only in their creation, but also in their marketing, sale, and maintenance. A number of new professions have emerged in recent years that were unheard of a few decades ago, such as event management.

Political Meanings of Globalisation

Political globalization essentially denotes a growing trend toward multilateralism, a transnational state apparatus, and the emergence of national and international nongovernmental organizations that serve as watchdogs over governments and have increased their influence and activities (Moghadam, 2005). Political globalization is the process of globalizing government action, where tasks like ensuring the welfare of citizens and promoting economic growth are managed by an international political body. Ancient civilisations engaged in international trade and exchange of goods and services. Globalization, however, was seen as being open to all and not hegemonic. Globalization today generally refers to the power and pressure the developed countries exert over the developing countries to allow these businesses access to their markets.

Globalisation and Culture 

Globalization causes a clear and culturally sensitive diaspora of migrant population, which both contributes to the homogenization of cultures on the one hand and increases the sense of cultural identity and distinctiveness on the other (Singh, 2000). Culture is impacted by globalization in many different ways. Significant cultural change over the past ten years has caused anxiety that our native cultures will be displaced. Some nations' main argument is that by becoming more similar and thus homogenous, all cultures will remain distinct. The indigenous cultures and traditions will vanish as a result of this. Others, however, contend that culture is increasingly tending to become localized. The mixing of the global and local is referred to as glocalization. It is a tactic that is frequently used by foreign businesses to deal with regional customs and increase their marketability. For instance, pop music is currently popular in India and combines global and Indian music.

Advantages of Globalisation 

Because of homogeneous and uniform financial, cultural, and technological factors, there is a process known as globalization in which the world is becoming more interconnected and unified. Our socioeconomic and cultural environment appears to have undergone significant change as a result of globalization. It is having a wide range of different effects on our private and intimate lives. As globalizing forces affect our local environments, our homes, and our communities through interpersonal sources like the media, the internet, and popular culture as well as through direct contact with people from other countries and cultures, it is inevitable that our personal lives have been changed.

Our daily lives are being fundamentally altered by globalization. Many of the enduring institutions that once supported societies around the world have lost their relevance as they undergo profound transformations. Intimate and private facets of our lives, like the family, gender roles, sexuality, personal identity, our interactions with others, and our professional relationships, are being redefined as a result.

Social class, gender, ethnicity, and religious affiliation have historically been used to either open or close certain doors for individuals. Sons used to emulate or carry on their fathers' professions, and women thought of the home as their natural sphere. Their fathers or husbands had shaped who they were and how they lived. The community in which one was born set rigid standards for behavior. But in today's world of globalization, one has shifted toward individualism, where each of us has the chance to create our own identities. Social norms that once controlled people's behavior have significantly loosened.

Disadvantages of Globalisation

Risks, difficulties, and inequalities brought about by globalization are international in scope and beyond the control of current political structures. Although it is not limited to large global systems, its effects can be felt in our daily lives, how we view ourselves, and how we interact with others. Through sources like the internet and direct encounters with individuals from other countries and cultures, globalizing forces have filtered into our local context and private lives. Mass production and distribution are results of globalization. This encourages a culture of consumption that results in an ever-expanding electronic culture and an ever-increasing number of fast food restaurants.

Global culture exists to some extent among all people. It is argued that cultural homogenization is a result of globalization. The evidence in this regard suggests that a fusion of styles, contents, and cultural forms is occurring in a number of cultural fields. Increased trends in the fusion of musical, dance, and artistic styles are evidence of this. A clash between new and traditional cultural spaces, however, is frequently the result of homogenization brought on by globalization's continued expansion. People work to preserve their local identities, and fanatical cultural forces are once again active in defending cultural identities based on language, caste, religion, etc.

References

  1. Singh, Yogendra (2000) Culture Change in India: Identity and Globalization, Jaipur: Rawat Publications.
  2. Moghadam, V. M. (2005). Globalizing women: Transnational feminist networks. Baltimore, MD: The Johns Hopkins University Press.
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