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Globalization

According to Held and McGrew, ‘Globalization denotes the expanding scale, growing magnitude, speeding up, and deepening impact of interregional flows and patterns of social interactions’. It has been called upon to account for developments as diverse as the value of euro, world-wide popularity of ‘Harry Potter’, and the rise of Third Way politics and religious fundamentalism.
The concept of ‘Globalization’ came to be used in the 1960s and early 1970s, which has been recognised as the ‘golden age’ of rapidly expanding political and economic interdependence – mostly between Western states. In this inter-dependent world, events abroad readily acquired impacts at home, while developments at home had consequences abroad. The world was fast becoming a shared social and economic space, at least for its most affluent inhabitants.

Globalization has been variously conceived as ‘actions at distance’, whereby actions of social agents is one location have significant consequences for distance others; time-space compressions, where the way electronic communication erodes the constraints of time and distance; accelerated interdependence among countries; a shrinking world, with an erosion of boarders and geographical boundaries through socio-economic activity.

The ‘flows and interactions’ of globalization are not confined to economic trade, capitals, and spread of MNCs. There is a growing emphasis on the need for broaden approach, including communication (internet), demographic globalization (migration), political globalization (international institutions), and cultural globalization (spread of world religions). This introduces the debate on globalization. There are two clusters of opinions on whether the label ‘Globalization’ is suitable for the ‘flows and interactions’ taking place; The Hyperglobalists (New-liberalists) and the Skeptics (Marxists)

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