The Three Areas of Globalization - 954 Words

According to Thomas Friedman, â€Å"In Globalization 1.0, which began around 1492, the world went from size large to size medium. In Globalization 2.0, the era that introduced us to multinational companies, it went from size medium to size small. And then around 2000 came Globalization 3.0, in which the world went from being small to tiny.† It is not something one can pin point and define as a formal structure of the current international system. Globalization is a notion of the growing interconnectedness of the world categorized into three forms, cultural, political and economical globalization. Much like the quote by Thomas Friedman, globalization gives the conviction of the world being continually smaller and the pace of†¦show more content†¦Stiglitz especially is very critical of the Washington Consensus. The consensus was between â€Å"the IMF, the World Bank, and the U.S Treasury where they decided on the â€Å"right† policies for developing countriesâ € ¦signaling a radically different approach to economic development and stabilization† (Stiglitz, 16). Much of the policies were made based on the problems in Latin America that had occurred because of government corruption. The three main economic policies countries had to adopt to gain financial help were fiscal austerity, privatization and liberalization. Fiscal austerity meant that the countries that borrowed money from the IMF or World Bank would have to raise taxes and cut welfare spending. The consensus also asks you to privatize companies rather than have state capitalism or social capitalism. The main consequences of these policies led the countries to loose economic sovereignty of their state and the people lost their welfare state. Liberalization of the market isn’t also the correct way to run a government as seen in Korea 1997. However, as Stiglitz mentioned in the book, it is not all globalizations fault but the fault of the person managing it and how it is managed. Globalization often has its cultural influences. Western media and shows are broadcasted worldwide. The spread of ‘WesternShow MoreRelatedSustainable Development and Globalization Are Two Popular Concept with Respect to Present Context. Is Globalization Is a Threat for Sustainable Development ?1031 Words   |  5 Pagesof sustainable development: at the confluence of three constituent parts â€Å"Let’s see the three overlapping circles: one representing environmental needs, one representing economic needs, and one representing community social needs. The area where the circles overlap is the area of sustainability, the area of livability – the area where all the threads of quality of life come together. If we are to have it all, we must recognize that these three circles are not separate, unrelated entities†. Read MoreEffects Of Globalization On Cities In Asia1278 Words   |  6 PagesGlobal on the Local† Three Case Studies on the Effects of Globalization on Cities in Asia Today two massive trends can be seen in the development of the world: the process of rapid urbanization, and the process of globalization. The two seem to go hand in hand. The 40 largest mega-regions produce two-thirds of global economic output and 90 percent of global global innovation, while housing just 18 percent of the world’s population. For those reasons urbanization and globalization trends keep risingRead MoreThe Global Arches Business1304 Words   |  6 Pagesthe problems this country has. The culture around us is seen as to have a major connection with the Golden Arches Industry. With the inspiration of America moving toward globalization, many counties feel as though they are losing out of their original culture. America is seen as pushing away the local cultures of these areas and making a new culture altogether that is created with mostly American ideals. The book states how this industry maintains a proper way of attendance at the restaurant (payRead MoreThe Many Benefits of Globalization Essays1009 Words   |  5 Pagesâ€Å"Globalization is not just one impact of the new technologies that are reshaping the economies of the third millennium† (Thurow 19-31). When speaking of globalization, most people will not have a complete understanding as of what it actually means or what aspects of the world it affects. Globalization promotes free trade and creates jobs. The capital markets attract investors, resort cheap labor, and leads to job losses in some areas of higher wage. While all of this is happening, the world economyRead MoreGlobalization and E ducation1373 Words   |  6 Pages(UNESCO)’s Bureau of Strategic Planning (2004) reported that globalization has not only contributed to the greater exchanges of ideas and awareness of the uniqueness of individual cultures and societies, but has highlighted the fundamental differences that result from these unique characteristics. There are many advantages for societies and cultures as they become increasingly interconnected (Heimonen, 2012) through the process of globalization. Interconnectedness allows for the sharing of assets andRead MoreImpact Of Globalization On Economic Growth And Development1250 Words   |  5 Pagescountry Nepal. The effect of globalization in our cultures and tradition is one of the major concern in the society. As we all know that, â€Å"Globalization is the process where products, capital market, economic and cultures are inter-related in the global world.† As Nepal is border North side by China, the world most developed countries and the other three sides i.e., west, east and south by India, which is also the one of the fastest developing countries. The globalization has had some positive effectsRead MoreThe United Kingdom And British Labour Party Essay1462 Words   |  6 Pagesconfused for the acceptance globalization and international competitiveness as inevitable. This book tells about the mind twist. It tells us about the move out from the agreement of new belief, that the globalisation can be replaced with localisation. That is on the protective side and helps to rebuild the native markets in whole world. drive Brief about the content of this book: The book is divided into three parts of this book †¢ Part One- The problem- Globalization †¢ Part Two- The solution- LocalizationRead MoreEssay Nations Should Promote Globalization, Not Localization1078 Words   |  5 PagesGlobalization and localization are two conflicting trends in international politics today. Globalization is the spread of peoples, activities, norms, ideas, goods, services, and currencies from one area of the world to another. (Rosenau 15) Localization is the narrowing of horizons and the confinement of peoples, activities, norms, ideas, goods, services, and currencies to a particular geographic area. (Rosenau 16) Globalization and localization affect the world’s countries in three main areas, politicsRead MoreHow Globalization Affects Developing Countries?1504 Words   |  7 PagesHow Globalization Affects Developed Countries The phenomenon of globalization began in a primitive form when humans first settled into different areas of the world; however, it has shown a rather steady and rapid progress in the recent times and has become an international dynamic which, due to technological advancements, has increased in speed and scale, so that countries in all five continents have been affected and engaged. What Is Globalization? Globalization is defined as a process which, basedRead MoreMajor Forces That Are Leading International Firms Essay743 Words   |  3 PagesThere are five major forces that are leading international firms to the globalization of their operations which includes (1) political (2) technological (3) market (4) cost and (5) competition. Many firms initiate international operations to gain assess by combined markets through exporting product or producing within the area. Technological According to (Ball, 2011) today’s technology has allowed an advance in computers, communication and an increase flow of ideas. Through the internet and networks