Globalization refers to the increasing unification of the world's economic order through reduction of such barriers to international trade

as tariffs, export fees, and import quotas. The goal is to increase material wealth, goods, and services through an international division of labor by efficiencies catalyzed by international relations, specialization and competition. It describes the process by which regional economies, societies, and cultures have become integrated through communication, transportation, and trade. The term is most closely associated with the term economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, the spread of technology, and military presence.[1] However, globalization is usually recognized as being driven by a combination of economic, technological, sociocultural, political, and biological factors.[2] The term can also refer to the transnational circulation of ideas, languages, or popular culture through acculturation. An aspect of the world which has gone through the process can be said to be globalized. According to the Oxford English Dictionary, the word "globalization" was first employed in a publication entitled Towards New Education in 1930, to denote a holistic view of human experience in education.[4] An early description of globalization was penned by the founder of the Bible Student movement Charles Taze Russell who coined the term 'corporate giants' in 1897,[5] although it was not until the 1960s that the term began to be widely used by economists and other social scientists. The term has since then achieved widespread use in the mainstream press by the later half of the 1980s. Since its inception, the concept of globalization has inspired numerous competing definitions and interpretations, with antecedents dating back to the great movements of trade and empire across Asia and the Indian Ocean from the 15th century onwards.[6] The United Nations ESCWA says globalization "is a widely-used term that can be defined in a number of different ways. When used in an economic context, it refers to the reduction and removal of barriers between national borders in order to facilitate the flow of goods, capital, services and labour... although considerable barriers remain to the flow of labor... Globalization is not a new phenomenon. It began towards the end of the nineteenth century, but it slowed down during the period from the start of the First World War until the third quarter of the twentieth century. This slowdown can be attributed to the inward-looking policies pursued by a number of countries in order to protect their respective industries... however, the pace of globalization picked up rapidly during the fourth quarter of the twentieth century Impacts Globalization has various aspects which affect the world in several different ways [edit] Industrial Emergence of worldwide production markets and broader access to a range of foreign products for consumers and companies, particularly movement of material and goods between and within national boundaries. International trade in manufactured goods has increased more than 100 times (from $95 billion to $12 trillion) since 1955.[33] China's trade with Africa rose sevenfold during 200007 alone.[34][35] [edit] Financial Emergence of worldwide financial markets and better access to external financing for borrowers. By the early part of the 21st century more than $1.5 trillion in national currencies were traded daily to support the expanded levels of trade and investment.[36] Economic Realization of a global common market, based on the freedom of exchange of goods and capital.[40] Further, in the job market, employees compete indirectly in a global job market. In the past, the economic fate of workers was tied to the fate of national economies. With the advent of the information age and improvements in communication, this is no longer the case. Because workers compete in a global market, wages are less dependent on the success or failure of individual economies. This has had a major effect on wages and income distribution.[43] Survival in the new global business market calls for improved productivity and increased competition. Due to the market becoming worldwide, companies in various industries have to upgrade their products and use technology skilfully in order to face increased competition.[44] [edit] Political The development of globalisation has wide-ranging impacts on political developments, which particularly go along with the decrease of the importance of the state. Through the creation of sub-state and supra-state institutions such as the EU, the WTO, the G8 or the International Criminal Court, the state loses power of policy making and thus sovereignty.[45] However, many see the relative decline in US power as being based in globalisation, particularly due to its high trade imbalance. The consequence of this is a global power shift towards Asian states, particularly China, that has seem tremendous growth rates. In fact, current estimates claim that China's economy will overtake the one of the United States by 2025.[46] [edit] Informational

Increase in information flows between geographically remote locations. Arguably this is a technological change with the advent of fibre optic communications, satellites, and increased availability of telephone and Internet. Language The most spoken first language is Mandarin (845 million speakers) followed by Spanish (329 million speakers) and English (328 million speakers).[47] However the most popular second language is undoubtedly English, the "lingua franca" of globalization: About 35% of the world's mail, telexes, and cables are in English. Approximately 40% of the world's radio programs are in English. English is the dominant language on the Internet.[48]

[edit] Ecological The advent of global environmental challenges that might be solved with international cooperation, such as climate change, cross-boundary water and air pollution, over-fishing of the ocean, and the spread of invasive species. Since many factories are built in developing countries with less environmental regulation, globalism and free trade may increase pollution and impact on precious fresh water resources(Hoekstra and Chapagain 2008).[49] On the other hand, economic development historically required a "dirty" industrial stage, and it is argued that developing countries should not, via regulation, be prohibited from increasing their standard of living.

London is a city of considerable diversity. As of 2008, estimates were published that stated that approximately 30% of London's total population was from an ethnic minority group. The latest official figures show that in 2008, 590,000 people arrived to live in the UK whilst 427,000 left, meaning that net inward migration was 163,000.[50] [edit] Cultural Growth of cross-cultural contacts; advent of new categories of consciousness and identities which embodies cultural diffusion, the desire to increase one's standard of living and enjoy foreign products and ideas, adopt new technology and practices, and participate in a "world culture".[51] Some bemoan the resulting consumerism and loss of languages. Also see Transformation of culture. This might also affect the spreading of multiculturalism, and better individual access to cultural diversity (e.g. through the export of Hollywood). Some consider such "imported" culture a danger, since it may supplant the local culture, causing reduction in diversity or even assimilation. Others consider multiculturalism to promote peace and understanding between people. A third position that gained popularity is the notion that multiculturalism to a new form of monoculture in which no distinctions exist and everyone shifts between various lifestyles in terms of music, cloth and other aspects once more firmly attached to a single culture. Thus not mere cultural assimilation as mentioned above but the obliteration of culture as we know it today.[52][53] Greater international travel and tourism. WHO estimates that up to 500,000 people are on planes at any one time.[citation needed][54] In 2008, there were over 922 million international tourist arrivals, with a growth of 1.9% as compared to 2007.[55] Greater immigration,[56] including illegal immigration.[57] The IOM estimates there are more than 200 million migrants around the world today.[58] Newly available data show that remittance flows to developing countries reached $328 billion in 2008.[59] Spread of local consumer products (e.g., food) to other countries (often adapted to their culture). Worldwide sporting events such as FIFA World Cup and the Olympic Games. Incorporation of multinational corporations into new media. As the sponsors of the All-Blacks rugby team, Adidas had created a parallel website with a downloadable interactive rugby game for its fans to play and compete.[60] [edit] Technical Central aspect of globalisation has been the development of a Global Information System, and greater transborder data flow, using such technologies as the Internet, communication satellites, submarine fiber optic cable, and wireless telephones, which increased the number of standards applied globally (e.g., copyright laws, patents and world trade agreements) but also affects Legal/Ethical norms such as the creation of the international criminal court and international justice movements, crime importation and raising awareness of global crime-fighting efforts and cooperation, the emergence of Global administrative law. [edit] Religious The spread and increased interrelations of various religious groups, ideas, and practices and their ideas of the meanings and values of particular spaces.[62] [edit] Cultural effects Globalization has influenced the use of language across the world. This street in Hong Kong, a former British colony, shows various signs, a few of which incorporate both Chinese and British English. "Culture" is defined as patterns of human activity and the symbols that give these activities significance. According to prevailing notions, globalization has 'joined' different cultures and turned them into something different.[63] The dominant view stresses that globalization should be distinguished from Americanization. This approach has been used since the late 1980s to conceal the unidirectional, top-down character of US-led globalization as it was being relentlessly imposed on the rest of the world. Recently,

this view has been challenged by highlighting globalization's irradiating pattern as largely derived from decisions originally taken in Washington, D.C., particularly in the economic and cultural fields.[64] Democratizing effect of communications Exchange of information via the internet is playing a major role in the democratization of many countries.[67] Virtualization of industries since the dawn of ecommerce has transferred the power to the buyer, and the same effect has transitioned into voting systems by the groupin effect of social media. The positive aspect of globalization Globalization has a positive side as well. Supporters of globalization argue that it is good and beneficial. Some of their arguments are listed below. Globalization has created the concept of outsourcing. Work such as software development, customer support, marketing, accounting and insurance is outsourced to developing countries like India. So the company that outsourced the work enjoys the benefit of lower costs because the wages in developing countries is far lower than that of developed countries. The workers in the developing countries get employment. Developing countries get access to the latest technology. Increased competition forces companies to lower prices. This benefits the end consumers. Increased media coverage draws the attention of the world to human right violations. This leads to improvement in human rights.

The negative effects of globalization Opponents of globalization point out to its negative effects. Some of them are listed below. Developed nations have outsourced manufacturing and white collar jobs. That means less jobs for their people. This has happened because manufacturing work is outsourced to developing nations like China where the cost of manufacturing goods and wages are lower. Programmers, editors, scientists and accountants have lost their jobs due to outsourcing to cheaper locations like India. Globalization has led to exploitation of labor. Prisoners and child workers are used to work in inhumane conditions. Safety standards are ignored to produce cheap goods. Job insecurity. Earlier people had stable, permanent jobs. Now people live in constant dread of losing their jobs to competition. Increased job competition has led to reduction in wages and consequently lower standards of living. Terrorists have access to sophisticated weapons enhancing their ability to inflict damage. Terrorists use the Internet for communicating among themselves. Companies have set up industries causing pollution in countries with poor regulation of pollution. Fast food chains like McDonalds and KFC are spreading in the developing world. People are consuming more junk food from these joints which has an adverse impact on their health. The benefits of globalization is not universal. The rich are getting richer and the poor are becoming poorer. Bad apects of foreign cultures are affecting the local cultures through TV and the Internet. Enemy nations can spread propaganda through the Internet. Deadly diseases like HIV/AIDS are being spread by travellers to the remotest corners of the globe. Local industries are being taken over by foreign multinationals. The increase in prices has reduced the governments ability to sustain social welfare schemes in developed countries. There is increase in human trafficking. Multinatonal Companies and corporations which were previously restricted to commercial activities are increasingly influencing political decisions.