Name: Maryjane S.

Austria Time: Friday 9:00-12:00 pm

Course: B.S.T.M

Define globalization?
 Globalization is a process of interaction and integration among the
people, companies, and governments of different nations, a process
driven by international trade and investment and aided by information
technology. This process has effects on the environment, on culture,
on political systems, on economic development and prosperity, and on
human physical well-being in societies around the world.
Does the globalization has a history? When did it begin?
 Some world historians attach globalization ‘big bang’ significance to
1492 and 1498. Such scholars are on the side of Adam Smith who
believed that these were the two most important events in recorded
history. Other world historians insist that globalization stretches back
even earlier. There is a third view which argues that the world
economy was fragmented and completely de-globalized before the
early nineteenth century. None of these three competing views has
distinguished explicitly between trade expansion driven by booming
import demand or export supply, and trade expansion driven by the
integration of markets between trading economies. This article makes
that distinction, and shows that there is no evidence supporting the
view that the world economy was globally integrated prior to the
1490s; there is also no evidence supporting the view that this decade
had the trading impact that world historians assign to it; but there is
abundant evidence supporting the view that a very big globalization
bang took place in the 1820s.

‘The year 1500 marks an important turning point in world history …

The European discoveries made the oceans of the earth into highways
for their commerce …’ William H. McNeill 1999, p. 295.
Dimensions of phenomenon, economic, social and what else?
 The Economic Dimension
The Economic theory relates globalization to the model of a
free world market without restriction of competition and mobility, a
global mass culture and a world-encompassing information society.
According to neo-liberal thinking, the world market efficiently fulfills
its allocation function to guide flows of goods, services, capital
information and labor to that places wherever they are needed
 Transnational competition, processes of selection and fit enough to
scale will single out those enterprises that are not fit enough to
survive. Consumers benefits from this competitive market by
availability of products at low prices.
 The Technological Dimension
The technological dimension in the field of information technology
and telecommunication has already been addressed. The future post-
industrial firms is virtual, no more a localized physical entity, but a
flexible network of temporary contracts and cooperative relations that
functions via computer net and mobile phone, often on a world scale.
 The Political Dimension
Of particular interest for sociologists is the political dimension of
globalization. It is closely connected to the disciplines historical
points of reference society and nations- state in early modernity.
 The Ideological Dimension
The ideological dimension of globalization is what has been called
triumph of liberalism/capitalism or, what Franics Fukuyama addressed
when he talked about the ‘end of history’. Lack of an alternative to
liberalism gives rise to the view that capitalism is an inevitable world-
wide phenomenon.
 The Cultural Dimension
Globalization is used up with modernity. Most commonly it is
assumed that is spreading from the West and produces uniformity and
standardization through technological, commercial and cultural
synchronization.
 The Environmental Dimension
The Environmental dimension of globalization refers to the world
being a highly fragile ecological system. An imbalance will cause
effects on both local and global levels. This dimension is an outcome
of reflexivity of late modernity. People have realized that technical
progress and production of risk for the environment are closely related
to reach other.

Resources:

http://shodhganga.inflibnet.ac.in/bitstream/10603/24318/9/09_chapter_3.pdf
https://academic.oup.com/ereh/articleabstract/6/1/23/540507?redirectedFrom=fullt
ext http://www.globalization101.org/what-is-globalization/