Types Of Globalization

Globalization is a social, cultural, political and economic phenomenon.

Socially and culturally it provides opportunities to greater interaction among various population worldwide. It represents the exchange of ideas, values among cultures. Advancement in internet services and social media has a great role in this.

Good example, in this could include internationally popular films, books and T.V series etc. The Harry Potter film and books have been successful all over the world, making the character famous globally. Though social globalization is often criticized for eroding cultural differences.

Political Globalization means political co operation that is present between different countries. Global organization such as (World Trade Organization), United Nations (UN) and more regional organization such as European Union (EU) have helped to increase the degree of political globalization.

Economic Globalization refers to the integration of world economies through trade and the exchange of resources. As no economy works in isolation which clearly means one country economies influence each other. In terms of economic globalization it is seen that more developed countries sell their technology to countries which lack these (generally developing countries) and natural resources from developing countries are sold to the developed countries. It turns out to be a Two – way structure for technologies and resources.

We can say that Globalization is an unavoidable phenomenon in the history of mankind due to which economies are getting smaller and smaller by increasing the exchange of goods and services, information knowledge and cultures between different countries.

This process of interaction and integration has changed a lot in our everyday lives and is still progressing.This multidimensional and contradictory process brings to life the hopes and achievement that life can bring to it.

There is a run for greater competition, one of the main objective of globalization and this is only possible with market liberalization, economic integration and technology development.