Globalization refers to the means of accelerating interconnection between individuals or groups globally as a result of development in means of transport and communication. This paper will look at the three dimensions of globalization, i.e. social, economic and political. Secondly, measurement of globalization and lastly, challenges that affect the globalization process.
Dimensions Of Globalization
Globalization Is Divided Into Three Main Parts:
- Economic globalization refers to the rising economic interdependence of national economies globally by a faster rise in the movement of goods, capital, technology, and services across borders.
- Cultural globalization-Cultural globalization means the diffusion of ideas, meanings, and values world-wide so that it leads to extension and intensification of social relations. It is majorly characterized by interaction through the internet.
- Political globalization-political globalization is where the different governmental power structures and ways of ruling are shared worldwide. It can also be defined as intergovernmental diffusion in the world.
Measurement Of Globalization
The following are the variables that are involved in measuring economic globalization. They include income, portfolio investment, gross domestic product (GDP), foreign direct investment (FDI) and trade. Albeit, other new ways of measuring globalization have been found to be in terms of cultural, political, social and also aspects of environmental globalization.
Challenges Facing Globalization
The process of globalization is influenced by factors related to the environment which are global warming, air pollution, cross-country water and excess fishing. Secondly, these processes interfere and are interfered with by businesses and organizations at work, the economic sector, social/cultural resources, together with the natural environment.
Conclusion
This paper has discussed the various types of globalization, (social, political and economic), its aspects (trade, DGP, FDI and income portfolio investment), and challenges. We can conclude from the definition that globalization is an international phenomenon that relates to contemporary human life.
References
Albrow, Martin and Elizabeth King (eds.) (1990). Globalization, Knowledge and Society London
Larsson, Thomas. (2001). The Race to the Top: The Real Story of Globalization Washington, D.C.: Cato Institute. p. 9
