Introduction
Globalization has been utilized in academic and political discourse for a decade, although its meanings have varied. Global financial, industrial, economic, political, social, and cultural activities have increased their local, national, and regional impact. The meaning of the phrase demonstrates the multidimensionality of globalization. Globalization is not only about economics, but also about non-economic processes, which have their own momentum and are thus not influenced by economic forces. A key component of the procedure is a dynamic tension between the various dimensions. Economic globalization, but also—and especially—in its widest meaning is now imperfect and asymmetrical, and it is characterized by significant shortcomings in the domain of governance. This article will thus discus on the rapid period of globalization after the end of cold war.
The Concept of Globalization
People and countries throughout the globe are more linked and interdependent as a result of technical, political, economic, and cultural interactions that have and continue to occur. A rise in multinational enterprises, trade, and investment has occurred. Technological advancements in communication and transportation allow individuals who are geographically separated to communicate with one another and share ideas.
There has always been a degree of globalization, even though the terms “globalization” and “globalization processes” were first used in the 1990s. For this reason, people have always been involved in cultural exchange, information transmission and commerce. In the 1990s, a number of major advances intensified these processes.
Rapid Period of Globalization
When it comes to the globalization process, the imbalance in power between those participating is one of the primary factors. Countries with developed economies exert the most influence, whereas those with emerging economies and civil society groups have a considerably less impact on the world stage. They also reserve and utilize their freedom to act unilaterally and bilaterally, as well as engage in regional processes, simultaneously with involvement in global discussions and negotiations. This is especially true for developed-country governments.
Post-World War II economic interconnectedness has risen, as has the global political awareness and regional cooperation that have accompanied this growth. Even if the Cold War came to an end, these phenomena have only escalated and taken on a near-universal nature as a result. The globe is getting more and more interconnected on a cultural level as well. As a medium of communication for research, trade, and the dissemination of news, English is gaining ground quickly. Information technology has greatly decreased the costs of disseminating information and opinion throughout the globe.
Globalization is used as an umbrella word for these economic, political and cultural changes. When discussing globalization, individuals tend to think of it as a movement toward a more open global economy. The industrialized and post-industrialized countries’ economies have grown steadily during the time of emerging globalization, while the economies of some newly industrialized nations have taken off. The ‘Third Wave’ has introduced democratic rule to a larger portion of the globe than at any time in history. There are many major environmental issues being addressed in industrialized nations using methods that combine national action with international cooperation.
Global interdependence increased as a result of Soviet Union’s demise and Cold War’s end. These nations had previously been deliberately separated from the rest of the world, but now they’ve begun to integrate into the global economy. Barriers to migration and cultural interchange were reduced as trade and investment grew at a rapid rate. Because to technology improvements, such as the internet and cell phones, globalization has taken root. Millions of individuals and gadgets may now be linked over the Internet, allowing for the free exchange of everything from commodities to services to cultural goods to information to ideas.
North American Free Commerce Agreement (NAFTA), signed in 1992 by the governments of the United States, Canada, and Mexico, removed barriers to the free movement of people, goods, and services, promoting increased trade, investment and migration across national borders. Even if free trade and open markets have led in job losses in certain countries and the displacement of workers in particular sectors, they may also bring to economic advancement and success. For example, NAFTA has been attacked for displacing approximately 2.7 million manufacturing jobs from the United States to Mexico, although commerce between the two countries has expanded significantly as a direct consequence of the deal.
According to the proponents of globalization, increasing cross-border trade and investment in commodities, services, and capital has the potential to improve economic activity and prosperity. In the 1990s, economies that were more globally integrated expanded by an average of 5% year, while those that were less globally integrated shrank by an average of 1% annually. Individuals all around the world may now utilize the Internet and other global media to spread ideas and information and challenge oppressive regimes in support of human rights and democracy. Globalization has the potential to lessen tensions and even war. At the beginning of 2002, the powerful electronic sector in India successfully pushed New Delhi to deescalate the conflict with Pakistan for fear of damaging ties with US-based firms.
The Dark Side
Although many nations have benefited from globalization and their economies have grown as a result, there is a bad side to this process as well. Because of the circumstances provided by globalization, terrorist organizations all over the world have expanded their influence and spread a message of intolerance and hatred. Mobile phone technology and the internet were utilized by al-Qaeda militants to plan and carry out the September 11th terrorist attacks. Additionally, they were able to move freely between countries due to a reduction in international travel and mobility constraints.
There has also been an increase in the dangers of a global economic meltdown due to the growing interdependence of the world economy and international banking. Internationalization rather than isolation is the result of banking or financial collapse in one country resulting in crises in other nations. That’s what happened during the 2008-2009 Great Recession of America’s subprime mortgage industry leading to worldwide economic collapse.
Conclusion
The Cold War did not succeed or supplant globalization; rather, it evolved as a result of the enormous growth in speed, size, and breadth of transnational links that occurred between 1945 and 1989, mostly as a result of breakthroughs in communications, transportation, and global accords. The Cold War came to an end because the Soviet system was more severely burdened by globalization than the Western system. As the world economy became more linked, the Soviet economy stagnated. More turmoil ensued when economic reforms were attempted, and the resulting glasnost allowed dissenting voices inside the USSR to voice their displeasure with the Soviet administration. Nationalist parties capitalized on this chance to seek autonomy, emphasizing the liberal ideal of national self-determination while seizing on economic hardships to increase discontent. These concerns were averted by rejecting the Bretton Woods policies and by the fact that the majority of Western nations were now nation states. In the end, globalization took down the Soviet system, but the western systems were mostly unaffected, and thus brought an end to the Cold War for the time being.
Work Cited
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