Modernity and its Futures (SC311): What is meant by Globalisation?

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Modernity and its Futures (SC311): What is meant by Globalisation?

Globalization is on everybody’s lips; a fad word fast turning into a shibboleth, a magic incantation, a pass-key meant to unlock the gates to all present and future mysteries.  For some, globalization is what we are bound to do if we wish to be happy; for others, globalization is the cause of our unhappiness. 

Globalisation is a fervidly contested and often misunderstood concept. It has occupied and divided economists, sociologists and anti-capitalists alike. Anti-globalisation protestors have regularly and successfully picketed World Trade Organisation summits as part of their stand against the might of globalisation.  However since globalisation this has taken a number of different forms, it is difficult to discuss in a general way or isolate an apparent definition.  Conversely when the term is used it is tends to be in relation to three forms.  Some use the term when referring to the economic integration of the world but others use it on a cultural and political level.  This can be distinguished by the growing awareness that they are members of the human race that inhabit one world.  

The term globalisation is often used in the sense to refer to the growing integration of societies across the world.  It can be seen as a process by the world is to be transformed into a single global system.  The word globalisation first came into use towards the end of the 20th century.  However certain aspects of the notion that we call globalisation today were first seriously discussed by the Canadian sociologist Marshall McLuhan in the 1960s and 70s.  It was he who introduced the term ‘the global village’ in his analysis of culture and the mass media.  In his view the world was shrinking as a result of new technologies, for instance the Information Technology (IT) revolution.  Also during this period there was an increased rise in Multinational companies (MNC), the expansion of international trade, the international division of labour and the development of World-System Theory.  World-System theory is often associated with Wallerstein (1974) who illustrates the origins and development of capitalism as a global economic system.

The economic dimension to globalisation is characterised with the expansion and transformation of capitalism into an integrated global economy.  Economic globalisation can be seen as the latest and newest version of capitalism.  The reason for such an assumption is due too the fact that capitalism has benefited from the opportunities that have been presented by globalisation, for example communications, speed and efficiency.

Financial globalisation has been greatly assisted by the development of information technology, which makes possible global markets that operate in real time and the electronic transmission of funds

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World trade is increasingly dominated by MNCs that can be moved rapidly by investors from one country to another as the international financial markets are connected by computerised technology.  

Culture is another manifest of globalisation.  This is illustrated where television programmes, films and books are made for an international market.  A good example of cultural globalisation can also be seen in the worldwide spread of taste in foods: hamburgers, pizzas and curries, through global franchises of American, Italian and Indian restaurants all over the world.  The most famous food franchise that dominates the world today is ...

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