CONCEPT AND PERSPECTIVE OF GLOBALIZATION. WBCS’s mains English descriptive
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Essay on Globalisation.
CONCEPT AND PERSPECTIVE OF GLOBALIZATION.
Globalization is a jumble of complex phenomena that has been perceived and defined in more ways than one way. Prof. Eric Helleiner viewed globalization as a dual process comprising shrinkage of space and time due to technical advancements in transport, communication, and information processing and actions and decisions taken in one part of the world impacting other parts of the world due to the high speed of connectivity and comprehension of the world into a ‘global village’.
The European Council defined globalization in terms of processes that increased interdependency between markets and production in different countries while responding to the trends in trade in goods and services and the flow of capital and technology. It also meant an internationalized world economy characterized by recurrent nationally embedded capital represented by private actors like multinational corporations with a national base and operating under the supervision of the home country’s authorities.
The economic perspective views modern-day globalization as an offshoot of neo-capitalism that permits ‘flexible accumulation’ due to advancements in information technology and communication. It facilitates instantaneous cross-border financial flows and coordination and hugely reduces spatial barriers. The failure of socialism in communist countries of Europe and Asia and the simultaneous ascendancy of imperialism and unfettered capitalism.
The Socio-cultural perspective of globalization is best expounded by the works of Giddens, Robertson, and Waters. Giddens conceived globalization as the product of modernity characterized by a “time-space distanciation” process that “ lifted out” social relations from local contexts while re-constructing them temporally and spatially indefinitely. It was discernable through an increasing network of social relations linking “distant localities in such a way that local happenings were shaped by events many miles away and vice versa”. Robertson conceptualized globalization as encapsulating dual processes of “compression of the world and the intensification of consciousness of the world as a whole”. Waters illustrated globalization as a social process making territorial constraints irrelevant over time and increasing awareness among people regarding the receding relevance of geographical constraints.
Interestingly, globalization has also been considered a cultural fact. It was not simply about relationships dealing with economic matters and political power exchanges. It is about growing de-materialization commodities, consumer sovereignty as well as compressed, individualized, integrated, and diffused technological innovation.
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