Globalization is the spread of products, technology, information, and jobs across national borders

and cultures.
Globalization is what we call the process by which the world, previously isolated through physical
and technological distances, becomes increasingly interconnected. By….
 
It is manifested by the increase in interaction between people around the world that involves the
sharing of ideas, cultures, goods, services, economic, political, cultural, ideological, investment
environmental and processes aided by information technology. It is said to be a way to eliminate
barriers to trade, communication, and cultural exchange around the world.
 
GLOBALIZATION: A CONTESTED CONCEPT
 
 Globalization first appeared in the 1940s but did not gain widespread traction until the 1990s.
 It is sometimes mistaken for an unstoppable "Americanizing" the world. Friedman, a famous
columnist of the New York times believes that globalization is "globalizing American culture and
American cultural icons".
 Globalization is a set of social processes that lead to the social condition of globality, through
the growing consciousness of global connectivity.

 (One of the reasons why globalization remains a contested concept is because  there exists no
scholarly consensus on what kinds of social processes constitute its essence .)
There is no consensus on exactly what processes constitute globalization, but common themes
include:
 The creation of networks
 Expansion of social relations
 The accelerations of social exchange
 
IS GLOBALIZATION A PHENOMENON?
Globalization is commonly thought of as a new phenomenon, but when pre historic tribes settled
and were able to outmuscle wandering tribes, it is said that contact between diverse individuals is
not new. Also trade and communication were flourished when technological advances were
witnessed in premodern period.
 (It began when prehistoric tribes settled and were able to outmuscle wandering tribes.
 The premodern period saw technological advances that allowed trade and communication to
flourish.)
 The early modern period saw the birth of capitalism and regional markets.
 The modern period saw the industrial revolution provide massive advances in technology at the
expense of the environment.
 The contemporary era is an era of convergence, with people coming together through
deregulated economic and ICT systems.

ECONOMIC GLOBALIZATION
 Economic globalization is a historical process, the result of human innovation and technological
progress. It refers to the increasing integration of economies around the world, particularly to
the movement of goods, services, and capital across borders. The term sometimes also refers to
the movement of people (labor) and knowledge (technology0 across international borders.
(IMF, 2008)
 Economic globalization refers to the increasing interdependence of world economies as a result
of the growing scale of cross-border trade of commodities and services, flow of international
capital and wide and rapid spread of technologies. It refers to the widespread international
movement of goods, capital, services, technology, and information.
 Economic globalization primarily comprises the globalization of:
1. Production
2. Finance
3. Markets
4. Technology
5. Organizational
6. Regimes
7. Institutions
8. Corporations
9. Labor
 The economic globalization is one of the most often mentioned in media. Since It is associated
with massive amounts of financial traded daily on the different stock markets around the label
"NEW ECONOMY".
 And in order to monitor the economy, 3 economic institutions were created:
1. THE INTERNATIONAL MONITARY FUND (IMF)
- would oversee the international monetary system.  It is working to foster global monetary
cooperation, secure financial stability, facilitate international trade, promote high
employment and sustainable economic growth, and reduce poverty around the world.
2. WORLD BANK (WB)
- was called the International Bank for Reconstruction and Development (IBRD)
- (would provide loans for European reconstruction) It is responsible for providing loans to
European reconstruction, but later expanded its activities to the developing world.
3. THE GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT)
- (renamed of the World Trade Organization in 1992) was called the World Trade
Organization in 1992.
- would oversee multilateral trade agreements.
- (For about 30 years, this system remained in place and provided economic stability and
prosperity to Western Nations.) Provided economic stability and prosperity to Western
Nations for about 30 years.
 
DIMENSIONS OF ECONOMIC GLOBALIZATION
 The globalization of trade of goods and services
Globalization has helped increased the production of goods and services. The largest companies
are no longer national firms, located in one single country; they are multinational corporations
with businesses in many countries.
 The globalization of financial and capital markets
Financial globalization has altered the balance of risks in international capital markets.
With financial globalization, creditworthy banks and businesses in emerging markets can now
reduce their borrowing costs.
 The globalization of technology and communication
Communication technology is the key factor of globalization, which has a significant impact on the
human existence, and it is a major driving force without which globalization would have not been
possible. It is an information transmission system.
 The globalization of production
The globalization of production means that the  world has become the global village and
now the producers can get the benefit from the different culture and cheap labors all around the
world. Now the companies move to other parts of the world where they get the product at lost
cost.
 
DIFFERENCE OF GLOBALISM AND INTERNATIONALISM
The difference between internationalization and globalization are discussed hereunder:
1. Internationalization is the process of developing adaptable products so that the products can be
viewed, distributed, purchased and consumed by a people belonging to different cultures, which
facilitates expansion. On the other hand, Globalization implies the augmented geographical
movements of the goods and services, money, knowledge, cultural values, etc. across the
boundaries of the country.
2. Internationalization is all about the firm and its business because in this process the firm aims to
enter the international market and become a part of other countries. Conversely, globalization
has more to do with the world economy, as it tends to connect the economies of the world for
free trade and sync the rules and regulations of various nations.
3. Internationalization is highly affected by tastes, preferences, traditions, cultural and religious
values, climatic conditions, etc. of the country. As against, globalization, telecommunication
network, logistics, infrastructural development, availability of labor, etc. are the important
factors which affect globalization.
4. The primary aim of internationalization of business is expansion, whereas globalization aims at
free movement of goods and services, people, and capital.
5. Internationalization may result in increases in the presence of the enterprise and pushes the
world economy towards globalization. In contrast, globalization may result in the removal of
trade barriers, the emergence of the open and free market, increased migration, etc.
 
The difference between internationalism and globalism. is that internationalism is political,
economic and cultural cooperation between nations while globalism is an ideology based
on the belief that people, goods and information ought to be able to cross national borders
unfettered.