Defining Globalization Definitions

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The world has become so highly interdependent in various ways. In economic case, it is make national independence an anachronism, especially in financial markets. As in the political case, this interdependent has brought a political cooperation and also competition. The interdependence is driven by science, modern technology, economics need, modernity. All this factor has forced the government to determined international relations along with this instrument.

These all phenomena are recognized as globalization. What is taking place is a process of cultural mixing or hybridization across locations and identities around the world. This term “globalization” is used to refer to these collective changes as a process, or else as the cause of turbulent change. This is just a general views. Defining proper definitions of globalization is rather hard. Many authors attempt to provide a comprehensive overview to define globalization in a variety of ways. The claims one another contains different idea. Still others are constructing a working definition. Despite differing opinions, all authors agree on one thing, that defining this term is anything but easy.

International Monetary Fund stresses the growing economic interdependence of countries worldwide as a process of globalization. This through increasing volume and variety of cross border transactions in goods and services. Moreover, this process is also urged by free international capital flows that more rapid and widespread diffusion of technology (Eric Beerkens, 2006).

Appadurai (1990) emphasize the critical point that both sides of the coin of global cultural process today. They are products of the infinitely varied mutual contest of sameness and difference on a stage characterized by radical disjuncture. It happened between different sorts of global flows and the uncertain landscapes created in and through these disjunctures (Eric Beerkens, 2006).

Dr. Nayef R.F. Al-Rodhan from Geneva Centre for Security Policy have their own idea about globalization. He defined that globalization is a process that encompasses the causes, course, and consequences of transnational and trans cultural integration of human and non-human activities (Rodhan 2006).

Since the globalization is process that started since recent decades, and this process is not stopped yet. The ongoing process of economic globalization has opened a new arena of opportunities and challenges for businesses worldwide. The global opportunities drive the imperative to innovate by intense competition and path-breaking technological advances. This innovation is the way to tap global knowledge resources in order to shorten development cycles. Development costs can be reduced and innovation can simply to develop products for a particular local market with attempt to match the differing customer tastes, geographic conditions or regulatory requirements (Tiwari& Herstatt 2011).

Globalization simply bring the individual actor and business come to the surface of international relations and action. There is a possibility about market failures and disparities in the initial levels of economic and human development driven by globalization. This is way a country need to adopt its political and economical condition inside the country to the global market. National policy and international policy has been forced to match each regulation one another. Needless to say, here we cannot go into a deep analysis of possible national and international policy options. However, we can briefly highlight that the policies devoted to amplifying the positive impacts of globalization in terms of a domestic condition within-country income distribution. Technological absorptive capacity and social capabilities call for controlled liberalization can be the  best way to foster globalization in a positive way. Indeed it has to be supported together with some form of policy controls on trade and FDI. Financial liberalization should be even more restrained in particular historical circumstances. In fact, a financial liberalization can be an opportunity to the country in increasing poverty but all at once also increasing vulnerability.

References:

Rodhan, Dr. Nayef R.F. Al. 2006. Definitions of Globalization: A Comprehensive Overview and a Proposed Definition. Geneva: Geneva Centre for Security Policy.

Tiwari, Rajnish and Cornelius Herstatt. 2011. Role of “Lead Market” Factors in Globalization of Innovation: Emerging Evidence from India & its Implications. Hamburg: Hamburg University of Technology (TUHH)