Critical Review of Globalisation Essay Answer

Introduction

Globalisation is a complicated and transformational phenomenon that has changed the world in different ways (Gulmez, 2017). According to Lee & Stensaker (2021), it alludes to the rising availability and reliance of countries and developments all through the world, as well as the strengthening of interconnectedness and relationship among countries, which rises above geological limits and impacts various parts of human life. The flow of goods, services, ideas, and cultures that is fueled by technological and communication advancements is what defines the globalised world. This basic article means to research the idea of globalisation and its principal main impetuses by assessing globalisation from a few points.

Define Globalisation and Themes

Columbus's voyage to the New World in 1492 is the year when the globalization era starts. According to Petricevic & Teece (2019), globalisation is the method involved with developing global association and reliance among countries and networks. The advancements in technology, communication, and transportation facilitate the exchange of goods, services, ideas, information, and culture (Nugroho et al., 2021). The economics, politics, culture, and society of many countries are all impacted by globalisation, which has a global impact on individuals' and communities' lives. There are various contraindications lies with globalization that is about the everyone is not ready to accept the changes while the reported paradoxes will involves globalization will work for everyone only if the countries are following the same set of rules (Waters, 1995).

Economic Globalization

According to Samimi & Jenatabadi (2019), globalisation in economic terms refers to the rising integration of public economies into a global financial framework. It involves the free movement of goods, services, capital, and innovation across borders, which is made conceivable by progress in transportation, communication, and trade advancement (Samimi & Jenatabadi, 2019). The goal of economic globalisation is to create a single global market that encourages specialisation, efficiency, and competitiveness in production and distribution. This perspective stresses global firms', global supply networks', and worldwide economic alliance's parts in characterising the worldwide financial climate (Ortiz-Ospina et al., 2018). According to the World Trade Organization (WTO), the value of global commercial trade reached $18.5 trillion in 2019, up from $16.6 trillion in 2016 (WTO, 2019). This indicates that trade volumes have consistently increased. As per the United Nations Conference on Trade and Development (UNCTAD), overall FDI inflows were $1.54 trillion of every 2019, up from $1.41 trillion out of 2016, demonstrating progressing development in cross-line speculations (UNCTAD, 2020).

Political Globalization

Globalisation, from a political stance, refers to the rising interconnection and relationship of country states and international organisations (Bloor, 2022). In order to deal with global issues and advance common objectives, it involves the development of global governance systems, international treaties, and diplomatic collaboration. Globalisation, from a social viewpoint, denotes the proliferation and trade of social practices, values, and thoughts beyond border lines. It involves the extension of global media, entertainment, and popular culture, as well as the gathering of numerous practices and customs. The substantial expansion of the global entertainment and media industry, whose revenues reached $2.2 trillion in 2019, up from $1.6 trillion in 2016, exemplifies the growing significance of global cultural and media products (PricewaterhouseCoopers, 2022).

Social Globalization

According to Amadi (2020), from a sociological point of view, the term "globalisation" refers to the increased connections and interactions between individuals and communities worldwide. It involves the creation of worldwide networks, social developments, and digital communities that are not restricted by geological limits (Kromydas, 2017). The quantity of internet users has expanded over the long haul, with around 4.9 billion individuals accessing the internet by 2021, up from 3.4 billion out of 2016, exhibiting the basic meaning of digital technology in connecting individuals worldwide.

Economic Globalisation

According to Mossig & Lischka (2022), the term "economic globalisation" refers to the growing interdependence and global integration of national economies. It involves the cross-border free movement of goods, services, capital, and technology due to advancements in transportation, communication, and trade liberalisation (Mossig & Lischka, 2022). Technological advancements, the elimination of trade barriers, market liberalisation, and the emergence of multinational corporations are just a few of the many factors that have contributed to economic globalisation.

The concepts of technoscapes and financescapes that Appadurai developed are crucial to comprehending the forces that drive economic globalisation. Technoscapes are the overall progressions of innovation, thoughts, and data that have formed creation and conveyance networks across limits. Naz & Ahmad (2018) stated that communication technology has changed how organisations work, making it possible to coordinate complicated supply chains across the globe. On the other hand, financescapes involve the global movement of capital, investments, and financial services made possible by the liberalisation and deregulation of financial markets (Naz & Ahmad, 2018). This has brought about the development of worldwide monetary foundations and the combination of the national financial system.

On the positive side, it has extended trade, venture, and monetary development, which has helped numerous countries and lifted millions out of neediness (Woo & Wang, 2023). In addition, manufacturing innovation, specialisation, and efficiency have been encouraged by economic globalisation, which has led to lower prices and a broader selection of goods and services for customers (Woo & Wang, 2023). However, according to the National Geographic Society (2023), there are several drawbacks, including income inequality, employment displacement, and environmental deterioration. Concerns have been made regarding the concentration of economic power in the hands of multinational businesses and financial institutions, as well as the impact of corporate interests on policy making.

The tension between the goal of economic expansion and the requirement for environmental sustainability is one of the tensions of economic globalisation (Zhang et al., 2022). Global supply chain development and increased resource usage have led to environmental degradation and climate change. Another paradox is the uneven distribution of benefits and costs, with some nations and communities benefiting economically while others suffer job losses and social disruption.

Political Globalisation

According to Steger (2020), political globalisation refers to the increasing interconnection and collaboration on a global scale among nation-states and international organisations. Through Appadurai's mediascapes and ideoscapes, economic globalisation is inextricably tied to political globalisation (Coker, 2023). The flow of information and news across multiple media channels, impacting public opinion and political decision-making, is represented by mediascapes. Economic globalisation has fostered the expansion of mediascapes by facilitating global communication and media convergence, allowing political events and ideas to reach and affect a bigger audience (Coker, 2023). Ideoscapes, on the other hand, relate to the cross-border spread of ideas and values such as democracy, human rights, and nationalism. Economic globalisation has aided the expansion of ideoscapes by increasing links between individuals and groups all over the world, allowing for the sharing of ideas and values (Featherstone, 1990).

Political globalisation has both beneficial and harmful consequences. On the plus side, it has encouraged diplomatic collaboration, conflict resolution, and a coordinated global response to global concerns such as climate change and terrorism (Ampuja, 2014). Political globalisation has also aided in the spread of democratic principles and human rights norms, pushing countries to embrace more inclusive and participatory political systems. However, there are negative repercussions, such as the weakening of national sovereignty, because international organisations and agreements may influence choices and policies (Volk, 2019). Dominant ideology conveyed through political globalisation may also result in cultural homogenisation and the imposition of specific values on various civilizations.

According to Lodhi (2021), when difficulties exist between the pursuit of national interests and global collaboration, contradictions and paradoxes emerge in political globalisation. Some nations may be unwilling to cede sovereignty to international entities, resulting in confrontations and debates over global governance. Furthermore, while political globalisation strives to enhance collaboration, it may also produce competitiveness and power conflicts among countries, particularly in geopolitical affairs (Kurtz, 2019). In the continuous trend of political globalisation, striking a balance between protecting national autonomy and engaging in global collaboration remains a problem.

Cultural Globalisation

The dissemination and interchange of cultural practices, values, and ideas across boundaries is referred to as cultural globalisation (Boussebaa, 2020). It entails the expansion of global media, entertainment, and popular culture, as well as the meeting of varied cultures and customs (Jameson, 1984).

Through Appadurai's technoscapes and ethnoscapes, economic globalisation is linked to cultural globalisation (Ampuja, 2014). Technoscapes depict the worldwide movement of technology, ideas, and knowledge, which has shaped cultural exchange through media platforms and digital communication (Boussebaa, 2020). Economic globalisation has facilitated the cross-border flow of cultural items and information, allowing for the creation of technoscapes. In contrast, ethnoscapes relate to the movement of people and cultures that is affected by economic considerations such as migration for labour, education, and tourism (Appadurai, 1996).

On the positive side, it encourages cross-cultural understanding, access to multiple cultural manifestations, and tolerance and admiration for various cultures and traditions. According to Ozer (2019), cultural globalisation has also resulted in the enrichment and hybridization of global arts and traditions, resulting in the emergence of new forms of cultural expression. However, there are also unintended repercussions, such as the commodification and commercialization of cultural practices, which leads to a loss of authenticity and significance (Ozer, 2019). Cultural globalisation may also lead to the domination of some global cultures, which can eclipse and erode local customs and identities.

While cultural globalisation allows for cultural interaction, it may also lead to the dominance of Western cultural standards and values as they spread through global media and entertainment sectors (Maynard & Chaudhary, 2021). Furthermore, local groups may be resistant to the homogenising impacts of global culture, resulting in a struggle between the universal and the specific in the process of cultural globalisation. In managing the difficulties of cultural globalisation, striking a balance between cultural trade and cultural heritage preservation remains a struggle.

Social Globalisation

The term "social globalisation" refers to the increasing interconnection and interaction between individuals and communities throughout the world (Jerabek, 2021). Through Appadurai's technoscapes and ethnoscapes, economic globalisation is connected to social globalisation. Through digital technology and social media platforms, technoscapes promote social connections, allowing individuals from all over the world to engage, exchange ideas, and build global networks (Yeates, 2022). Ethnoscapes depict the movement of people and cultures as a result of economic reasons such as migration and labour mobility.

On the positive side, technology has given individuals and groups the ability to mobilise around global concerns like human rights, environmental conservation, and social justice (Ampuja, 2014). Social globalisation has promoted global awareness and understanding by facilitating the interchange of knowledge and ideas. However, because access to digital technology and information varies greatly across various geographies and socioeconomic classes, it has the potential to worsen social disparities (Zankovsky et al., 2020). Furthermore, when global norms and values acquire prominence, social globalisation may contribute to the destruction of local identities and cultures.

While social globalisation facilitates the establishment of global communities and the sharing of shared interests, it has the potential to accentuate existing social inequities and marginalised particular groups. Furthermore, the digital gap, in which some communities lack access to technology and online services, calls into question the inclusion and democratisation of social globalisation (Zankovsky et al., 2020). A fundamental issue in negotiating the intricacies of social globalisation is striking a balance between creating global relationships and resolving local social concerns.

Conclusion

In conclusion, the critical examination of globalisation exposes its multidimensional nature. Economic globalisation promotes integration and prosperity while also increasing economic disparity and raising environmental issues. Political globalisation promotes collaboration, yet also poses questions of sovereignty. Cultural globalisation fosters variety while simultaneously threatening homogenisation. Socioeconomic globalisation strengthens worldwide networks while amplifying socioeconomic inequities. The major findings highlight the conflicting and complicated features of globalisation, emphasising the importance of a balanced strategy that maximises advantages while tackling concerns for a more equitable and sustainable global future.

References

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Volk, C. (2019). The Problem of Sovereignty in Globalized Times. Law, Culture and the Humanities, 174387211982801. https://doi.org/10.1177/1743872119828010

Woo, E., & Wang, L. (2023). Crisscrossing scapes in the global flow of elite mainland Chinese students. Higher Education. https://doi.org/10.1007/s10734-023-01023-x

WTO. (2019). The future of services trade. https://www.wto.org/english/res_e/booksp_e/00_wtr19_e.pdf

Waters, M. (1995). Globalization, N.Y./London: Routledge. https://www.scirp.org/%28S%28czeh2tfqyw2orz553k1w0r45%29%29/reference/referencespapers.aspx?referenceid=1156998

Yeates, N. (2022). Globalization and Social Policy. Global Social Policy: An Interdisciplinary Journal of Public Policy and Social Development, 2(1), 69–91. https://doi.org/10.1177/1468018102002001095

Zankovsky, S., Bezbakh, V., Inshakova, A., & Rusakova, E. P. (2020). Social consequences of economic globalization: experience of developed and developing countries and perspectives of optimization. International Journal of Sociology and Social Policy, 41(1/2), 211–223. https://doi.org/10.1108/ijssp-03-2020-0068

Zhang, L., Xu, M., Chen, H., Li, Y., & Chen, S. (2022). Globalization, Green Economy and Environmental Challenges: State of the Art Review for Practical Implications. Frontiers in Environmental Science, 10. https://doi.org/10.3389/fenvs.2022.870271

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