Question

What is globalization ? Describe its characteristics.

Hint:

A good answer on globalization should cover its multiple dimensions: economic, technological, cultural, and political. Avoid defining it purely in economic terms.

Answer 1

Meaning:
Globalization is a complex process of increasing integration and interdependence of societies across the world. It involves the intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa. It is characterized by the free and rapid flow of capital, goods, services, people, ideas, and culture across national boundaries.
Characteristics:

Economic Integration: This is a core characteristic, involving the growth of transnational corporations (TNCs), an increase in international trade and foreign direct investment, and the integration of financial markets.

Technological Advancement: Globalization is driven by rapid advancements in communication and transportation technology (e.g., the internet, mobile phones, air travel), which have compressed time and space.

Cultural Flows: It involves the worldwide spread of cultural products, ideas, and practices. This can lead to cultural homogenization (e.g., the spread of Western consumer culture) as well as hybridization (the mixing of global and local cultures).

Political Interdependence: There is a growing influence of international governmental organizations (like the UN, WTO) and non-governmental organizations (INGOs), leading to a situation where national policies are increasingly influenced by global trends and international bodies.