1) Define Globalization and explain its economic dimensions [7 marks] 2)Stars co

What Is Globalization?

Globalization is the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.

KEY TAKEAWAYS

• Globalization is the spread of products, technology, information, and jobs across nations.
• Corporations in developed nations can gain a competitive edge through globalization.
• Developing countries also benefit through globalization as they tend to be more cost-effective and therefore attract jobs.
• The benefits of globalization have been questioned as the positive effects are not necessarily distributed equally.
• One clear result of globalization is that an economic downturn in one country can create a domino effect through its trade partners.

The economic dimension of globalization:

The economic dimension of globalization’ explores how the way people have undertaken economic production has changed. The global economic order emerged after World War II, when the Bretton Woods Conference laid the foundations for the IMF, World Bank, and WTO. In the 1980s neoliberalism liberalized financial transactions. However, this unstable growth led to the Great Financial Crash, where banks traded toxic assets without regulation. Transnational corporations rival nation-states in economic power, and have had a profound effect on the structure and function of the global economy. The Washington Consensus was drafted to reform indebted developing countries, but it has thus far rarely helped countries develop.

Manfred Steger, professor of Global Studies at the University of Hawaii at Manoa argues that globalization has four main dimensions: economic, political, cultural, ecological, with ideological aspects of each category.

There are four distinct dimensions of globalism: economic, military, environmental, and social

Economic globalism involves long-distance flows of goods, services and capital and the information and perceptions that accompany market exchange.

Environmental globalism refers to the long-distance transport of materials in the atmosphere or oceans or of biological substances such as pathogens or genetic materials that affect human health and well-being.

Military globalism refers to long-distance networks in which force, and the threat or promise of force, are deployed.

The fourth dimension is social and cultural globalism. It involves movements of ideas, information, images and of people, who of course carry ideas and information with them. In the past, social globalism has often followed military and economic globalism. However, in the current era, social and cultural globalization is driven by the Internet, which reduces costs and globalizes communications, making the flow of ideas increasingly independent of other forms of globalization.

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