What is Globalization?

We often discuss this term ‘globalization’, but really what is globalization?

Globalization is not merely a concept or a policy but is a phenomenology and a process by which world is becoming a global system.

Globalization creates this global village in which consists a notion that through mass media and communication everyone knows everything about everyone living in this world. However, as there is a media hegemony existing in which the perspective of those in power is more dominant than any other; we can assume everything that we are told through media is not true about everyone. However, this media also brings positivity in globalization as the concept of ‘global support’ is emerged. This is a unified supporting system, which is people around the globe can come together and unite for a cause, whether it is a local or a global cause, for e.g. Green energy.

However, with this emergence of global village, there has been an increase in the competition in the global market too. Global economy has emerged in which countries are seen to be globally connected to each other and are interdependent on each other, for e.g. in imports and experts. This also reduces the chances of countries going to war with each other as they would realized the consequences of such an act and risk their interdependence on each other for their economy.

 However, from another perspective we see third world countries are becoming dependant on first world countries, which is the ‘dependency theory’. This is the reason there are so many multinational companies opening up in developing countries, even though they employ labour but it is usually unskilled and hence outsourcing of skilled labour may occur; thus, resulting in rich countries going richer and poor countries going poorer.

Overall, even when we see that there is an overall improvement in the standard of living of people around the globe but we see a greater discrepancy in the distribution of wealth among these people.