Globalization has become one of the principal symbols of economic, cultural and political life in the 21st century. Although there is no precise definition of globalization, due to the complexity of the term and the varying attitudes towards it, put simply it is the process by which nationality is becoming all the time more irrelevant. International organizations such as Coca Cola, Disney, McDonald's, Sony, Shell Oil and IBM, symbolize such a process. In layman's terms, globalization is basically the means by which people around the globe are now more connected to each other than ever before. Information and money flow more swiftly and goods and services produced in one part of the globe ...view middle of the document...
3, Klein, N. pg.528)Wallerstein reading addresses the rise of socialism and communism as an antidote to the capitalist value of progress at any cost. He ponders whether or not "historical capitalism represents progress or regression." (Wallerstein, I. pg.100) He believes "historical capitalism has developed an ideological framework of oppressive humiliation...which today we call sexism and racism." (Wallerstein, I. pg.102) Globalization has led to a very small group having a monopoly over world trade. In Australia the richest 10 percent of its population "own 85% of all shares, 72% of rental investment properties and 60% of business assets." (Kelly. S, 2001)However, contrasting views do exist in relation to globalization, so it's important to assess both the positive and negative impact.Globalization has allowed for the creation of a new world politics, in which countries are not isolated units anymore. Globally the world has become united in dealing with issues such as pollution and environmental standards. Recent developments in information and communication technology allow individuals from different regions to communicate speedily across huge distances and access information rapidly. Democracy is spreading rapidly which is leading to the development of a common culture. Between 1975 and 1995 the number of democracies in the world increased from 36 to 75 states, which coincided with the globalization boom, and has lead to much closer links between nations. For less developed countries, globalization offers access to foreign capital, global export markets, and advanced technology, allowing faster growth which in turn promotes poverty reduction, democratization, and higher labour and environmental standards. (www.freetrade.org/issues/globalization.html)In contrast opponents to globalization believe it increases inequality between nations. Such inequality is caused due to the rapid expansion of trade and economic developments with...
