“Globalization is a
complex issue, partly because economic only one part of it. Globalization is
greater global closeness and that globalization is cultural, social, political
as well as economic.”
- Amartya Sen
The term “Globalization” has acquired considerable emotive force in 21st century. It can be simply defined as a diverse phenomenon which relates to a multilateral political world and to the increase of cultural objects and markets between countries. It is a historical process, the result of human innovation and technological progress that refers to the increasing integration of economies worldwide particularly through trade and financial flows. It may be pictured as the threads of an immense spider web formed over millennia, with the number and reach of these threads increasing over time. People, money, material, goods, ideas, money and even disease and devastation have travelled these silken strands in greater numbers with greater speed than ever. Globalization started with Columbus’s voyage to the new world in 1492. Before that people traveled to nearby and faraway places exchanging their ideas, products and customs long away. The Silk Road, an ancient network of trade routes across China, Central Asia and the Mediterranean used between 50 B.C.E and 250 C.E. is perhaps the most well known early example. The web of globalization continued to spin out through the age of revolution, where ideas about liberty, equality and fraternity spread like fire from America to France to Latin America and beyond. It rode the waves of industrialization, colonization and war through the centuries powered by the invention of factories, railways, ships, cars, planes, telegram, telephone, televisions etc. and now extended to a previously unconnected part of the “blue globe”.
According to IMF, four
basic aspects of globalization are: 1) Trade and transactions, 2) Capital and
investment movements, 3) Migration and movement of people, 4) Dissemination of
knowledge. Globalization became familiar during industrial revolution and in
the late 90s. The globalization of 20th century was more about
industry driven whereas in 21st century it is more about technology
and data driven. The integration of communication and computing is the
technological revolution of our era. By 2014, the world had 96 mobiles and 40
internet users for every 100 inhabitants. The evolutionary transformation of
world is increasingly making it interconnected and digital. The unparallel
growth in 20th century and crises in the emerging markets in the
1990s have made it quite evident that the opportunities of globalization don’t
come without risks, hence the technology driven globalization of 21st
century is obviously much more dangerous.
The real thrust to the
globalization process was provided by the New Economic Policy introduced by the
Government of India in July 1991 at the behest of the IMF and the World Bank.
Now, the markets and the flow of capitals have been shifted to the world of
internet. Since the World Wide Web was first introduced, the world has made an
outstanding progress by creating e-commerce in this century. From Amazon to
flipkart, from Uber/Ola to Parking Rhino, from Netflix to Book my Show-
everything is now digitalised for rapid and smooth interconnection making the
world a small “Global Village”. Globalization has provided several advantages
like- rise of foreign capital, quality improvement, rise in employment, rise in
banking and foreign sector efficiency, accelerate human development, adoption
of new flexible technological production method.
Like a snowball rolling
down a steep mountain, globalization seems to be gathering more and more
momentum and the question frequently asked about globalization is not whether
it will continue, but at what pace!! We have to choose between a global market
driven only by calculations of short term profit and one which has a human
face. The downside to the globalization can be seen in the increased risk for
the transmission of disease like corona virus or in the kind of environmental
harm that is threatening the whole blue planet. According to several research
works it was found that globalization is alarmingly increasing the “income gap”
between the rich and the poor and also harming the workers’ interests. It is
adversely affecting the small business and local producers. Just for example,
local industries of states like Assam such as Bell metal industry of
Sarthebari, bras metal industry of Hajo, Cane and bamboo industry, Silk
industry of Suwalkuchi are now threaten by the rapid thrust of globalization.
Globalization is the
ongoing process that is linking people, neighborhoods, cities, regions and
countries much more closely together than they have ever been before. This has
resulted in our living being intertwined with people in all parts of the world
via the food we eat, the clothing we wear, the music we listen to, the
information we get and the ideas we hold. Though a large part of world made a
tremendous progress but also a major portion of countries like sub-Saharan
Africa has been already left behind. Poverty is not only unacceptable on moral
grounds; it also forms the breeding ground for war and terrorism. It is,
therefore, the greatest challenge to peace and stability in the 21st
century. Reversing the process of globalization would not solve the problem of
poverty- that was amply demonstrated by the events of the 20th
century. The world needs instead a new approach to globalization that exploits
its enormous potential for improving human welfare. Ultimately, poor countries
and weaker sections should not be poorer due to fruits of globalization are
only available to the prosperous countries and the elite sections of the
society. As Kofi Annan said, “If globalization is to succeed, it must succeed
for poor and rich alike. It delivers rights no less than riches. It must
provide social justice and equity; no must less than economic prosperity and
enhanced communication.”
