Since the decline of communalism, Globalization has become one of the most controversial and debating issues among people around the World. Globalization has a different definition to different people, and whether it has a positive impact today or was better for yesterday is still questionable. Although a part of the population questions its existence, it has significantly impacted both developed and developing countries’ economies. Globalization cannot simply be related to being political as it has had significant effects on cultural, ideological, and social aspects of people around the World.
To understand the impact of Globalization, it is important to know what it is. One of the popular political scientist, James Rosenau, described the term as a currently popular label and accounted for people’s norms, goods, ideas, services, activities, and currencies that are localized and practiced in a confined area. As per World Health Organization, Globalization is defined as the interdependence and interconnection of people in a local place with the people around the World. The two main elements that need to work here is the ease of flow of goods, services, and activities of people from one place to another and the incorporation and change in policies that allow the easy flow of exchange around the areas.
Globalization is a complex procedure that includes the trends and tendencies of the economic, cultural, and social spheres of the people and places around the World. The process is huge and not easily predictable but organized as well. The liberation of investment and trade, Social networks worldwide, technological innovation, and entrepreneurship are the four major factors of Globalization.
Many political scientists believe that the two major forces that make Globalization effective are technological innovation and entrepreneurship. However, it is impossible to prove that the process works without the intervention of other factors. With the adoption and evolution of market-related laws and policies in local and international fields, the governments have played a significant role by allowing economic integration of special activities and giving major independence to welcome the outside World. Globalization’s financial aspect is the major force that acts as a driving agent for both the political and social parts. Due to the colonization by Europe in various countries, some of the practices and cultural lifestyle is adopted by the people deep inside the African villages.
Globalization has made way for the countries to develop rapidly. However, the development is not even because some countries are growing quickly in comparison to others. The interconnection between the countries helped decrease poverty, but it does not equally support global community members. The developing countries lie in a depriving position while the developed countries enjoy all the interconnection benefits. However, when we take a close look at the impact of Globalization worldwide, we can conclude that it has both positive and negative effects on both developed and developing countries.
Globalization has proven to make a positive impact on the quality of life of people in developing countries. Funding from foreign countries and industrialized nations are helping many developing countries to decrease poverty. These funds are spent on improving the social, health, transport structure, and education of developing countries, helping them with a standard of living.
Today, the developing countries can openly communicate and trade through transport, labor, technology, management, and other benefits from other industrialized countries.
The impact of Globalization around the World
Globalization has its backdrops that dually affect both the developed and developing countries. However, considering the positive side to be heavier, people still believe it to be beneficial and aim for a better standard of living for all the poor people around the Globe.