Globalization refers to the acceleration of global movements and transactions of people, products, and services, resources, technology, and cultural practices. Globalization has the effect of promoting and increasing relations between various regions and communities around the world.
The World Health Organization has provided an official definition of globalization (WHO)
Globalization, according to the WHO, is characterized as "an increase in the interconnectedness and interdependence of peoples and countries." It is commonly understood to include two interconnected elements: the opening of international borders to increasingly rapid flows of goods, services, finance, citizens, and ideas, as well as changes in national and international structures and policies that encourage or promote such flows.”
What Exactly Is Economic Globalization?
Globalization can be described as "the increasing interdependence of world economies as a result of the the scale of cross-border trade in goods and services, the movement of foreign capital, and the vast and rapid spread of technologies," according to the Committee for Development Policy (a UN subsidiary body). It represents the ongoing expansion and mutual convergence of market frontiers, as well as the rapidly increasing importance of knowledge in all forms of productive activities and marketization, which are the two main driving forces for economic globalization.”
In geography, what is globalization?
Globalization is characterized as a collection of processes (economic, social, cultural, technological, and institutional) that contribute to the relationship between societies and individuals all over the world in geography. It is a gradual increase in the number of exchanges and flows between various parts of the world.
What is the G20 and what does it have to do with globalization?
The G20 is an economic bloc made up of 19 countries' governments and central bank governors, as well as the European Union (EU). The G20, which was established in 1999, brings together the world's most powerful developed and developing economies to address global economic and financial stability. The G20 countries together account for roughly 80% of global economic growth, approximately 75% of global trade, and roughly two-thirds of the world's population.
An annual summit of G20 leaders is held to address and organize pressing global issues of common concern. Though economics and trade are generally at the forefront of each summit's agenda, other topics such as climate change, migration policies, extremism, the future of jobs, and global wealth are often frequently discussed. Since the G20 leaders are the “political backbone of the global financial architecture,” ensuring free markets, orderly capital flows, and a safety net for countries in trouble, significant international agreements and globalization progress are often achieved through bilateral meetings during summits.
Because of the elimination of trade barriers and the introduction of massive financial reforms, the G20 leaders' joint intervention was unquestionably beneficial in saving the global financial system during the 2008/2009 crisis. Nonetheless, the G20 has struggled to coordinate monetary and fiscal policies and has been unable to combat tax evasion and corruption, among other globalization drawbacks. As a result of this and other G20 failures to coordinate globalization, populist nationalist forces around the world have argued that countries should follow their own interests or form productive coalitions.
The world has been engulfed by networks of economy, technology, politics, and ecology in the twenty-first century. The nation states' claims to sovereignty and cultural identity have been undermined as a result of this. Economic waves are freely streaming out today, often with tidal force, as a result of global trade liberalization and the increasing dominance of multinational corporations. Via numerous social media networks, information travels around the world in real time. The convergence of rich and poor countries has implications – one gains at the cost of the other. Globalization's rapid democratization of media, technology, and finance is proving to be a surprisingly progressive and liberating power.
As the twenty-first century embraces globalism, countries and peoples are interacting and integrating in real time. There are a slew of policy and economic organization changes underway around the world that aim to improve globalization's efficiency. However, one major concern is the environmental consequences of globalization; the issue is whether global trade liberalization would lead to environmental collapse. Global trade, as well as increased contact between countries traditionally divided by trade barriers, has resulted in a major increase in transportation processes at all levels. This form of global trade has resulted in higher wages, increased productivity, and increased consumption – all of which has resulted in more pollution, which is being threatened by the global emissions. As a result, one of the most pressing issues of globalization is environmental degradation, which is exacerbated by increased social consumption.
Globalization, on the other hand, is seen as a positive factor that has raised foreign direct investment levels, making it easier for people to make long and short term investments. Multinational companies contribute significantly to the development of developing countries' economies and the environment. New technology and other advances, such as renewable energy sources such as solar power, hydroelectric power, wind power, and clean coal, have been made freely available as a result of global trade. As a result, the environmental advantages of these new technologies are becoming increasingly evident. The World Bank and the World Trade Organization have also urged countries to reduce trade barriers and use environmentally friendly technology. As scholars such as Stiglitz and Kuznets have pointed out, economic development is bad for air and water pollution in the early stages of industrialization, but it improves pollution later on as countries become wealthy enough to implement various advanced control technologies. As a result, they argue that as the economy increases, emission levels decrease. The search for productivity and creativity is never-ending.
Consumer demands for environmental quality shift as a result of wealth formation. The more prosperous an individual becomes, the more important environmental goals such as healthy drinking water, clean air, and proper sewage disposal become. They begin to lift the bar by seeking even better avenues of amenities for themselves once their basic needs are met. Economic development is the solution if poverty is at the root of the problem. As a result, countries must change their focus from immediate concerns to long-term sustainability concerns.
Globalization has boosted the developing world's economic growth and opportunities. Civil liberties in countries around the world have been strengthened as a result of globalization's more effective use of capital. Countries that participate in free trade make more money. There is more price competition, which leads to more jobs, less emissions, and a higher standard of living. While some opponents of globalization have raised concerns that some regions will advance at the expense of others, such concerns are unfounded, because globalization is a positive phenomenon in which improved skills and technology result in an improvement in the living standards of all people everywhere.
As a result of globalization, a complex system of interconnectedness has developed, meaning that our lives are constantly influenced by events that occur thousands of miles away, and that decisions are taken thousands of miles away. Geographical distances are thus becoming less important, and territorial borders are becoming less meaningful as a result of globalization. The planet is increasingly evolving into a "global village." Globalization does not mean that the ‘local' and ‘national' are subordinate to the ‘global,' but rather that the process of convergence between the three is deepening as well as broadening, which is the nature of the term ‘glocal.' This interconnectedness is multi-dimensional, and it is the result of a top-down mechanism in which a single global structure imprints itself on all areas of the globe. Globalization, in this sense, leads to cultural homogenization, as social, economic, and political diversity is obliterated in a world where we all watch the same TV shows, buy the same goods, and live the same lifestyle; this is commonly referred to as "McDonaldization."
Indeed, globalization has become a highly contentious topic, with anti-globalization movements gaining traction in both developed and developing countries. The argument between pro and anti-globalization is simply a reworking of an older and more common ideological division. This phenomenon has also been chastised for its proclivity for risk, confusion, and insecurity. However, it is important to note that globalization often refers to people becoming more aware of increasing social interdependence and social interactions.
As a consequence, we can conclude that globalization is a multi-dimensional collection of social processes that build, multiply, extend, and intensify worldwide social interdependence and exchanges while simultaneously fostering in people an increasing understanding of the deepening link between the global and the local, and of its potentialities and benefits reaped.
