Globalization refers to the means of accelerating interconnection atwix 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 globalization process.
Dimensions of globalization
Globalization is divided into three main parts;
- Economic globalization-this refers to the rising economic interdependence of national economies globally by a faster raise in movement of goods, capital, technology, and services across the 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 internet.
- Political globalization-political globalization is where the different governmental power structures and ways of ruling is shared world-wide. It can as well be defined as intergovernmental diffusion in the world.
Measurement of globalization
The following are the variables that are involved in measuring economic globalzation. 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 business and organization at work, 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 the 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
