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ASPECTS OF GLOBALIZATION

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ASPECTS OF GLOBALIZATION

What is globalization?

Globalization: refers to the situation of increasing of world interconnection and interdependence of various aspects of life which include social, political, technological and economical aspects.

However globalization it has made the world be as a single village because of increase in networking system among the global aspects of life. Normally globalization has integrated the different aspects of the world into a global village.

It involves integration of economy, politics, culture, science and technology among nations. The process of globalization is largely facilitated by  rapid  advancement of science and technology.

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ASPECTS OF GLOBALIZATION

Normally globalization is categorized in to economic, political and socio-cultural aspects. However to a large extent the aspects of globalization are influenced by SAPs policies.

Therefore these aspects include:-

1. ECONOMIC ASPECTS

Economic aspect: Globalization under the economic aspect include the following components which may interact from each other:-

i. Free trade economy

Globalization has encouraged the free market economy and free flow of capital among the nations in the world. The main emphasis of free market economy (economic liberalism) is to minimize the direct involvement of government in economic production.

Example: Business companies seek funding from the foreign banks that offer the most competitive interest rates.

ii. Formation of multinational organizations

There has been high rate of formation of many international cooperation throughout the world which cause people to interact together. These has become more flexible to operate worldwide for the aim of searching relative cheap labour, area for investment, markets and cheap land to any country.

There so many international cooperation like World Trade organizations (WTO), International monetary Fund (IMF), World Bank (WB), The European Economic Unions (EEU) and the United Nations conference on Trade and Development (UNCTAD).

iii. Privatization

Globalization has influenced privatization in different sectors in the world both to the developed and to the less developed countries for capital gaining. Normally privatization is more serious to the poor countries where the developed countries tend to invest in different sectors like in education, transportation, health, tourism, mining, fishing and other important sectors.

iv. Financial flow

The globalization has influenced much financial flow as a in the world. Normally the global flow of money driven by the increase in science and technology. Through the establishment of financial institutions like Banks has made people to have access of financial services in the world. The use of sm bank, NMB mobile, Tigo pesa, Artel money, M-Pesa and other source of financial flow.

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2. SOCIO-CULTURAL ASPECT

Socio-cultural aspect: This aspect focus on the exchange of culture and social components among countries in the world. Normally sociocultural aspects include:-

i. Lifestyle

Globalization has made people in the world to share lifestyles. Example: Most developing countries tend to adopt Lifestyles from the developed countries.

ii. Perception and ideology

Worldwide nowadays people have been influenced to share perception regarding to different issues in the world. This has been possible due to the information flows among people in the world. Spread of knowledge, ideas, information and ideologies have been integral aspect of globalization.

Direct foreign investment brings both physical capital and technical skills on production methods managerial skills, marketing skills and global economic policies. Spread of technical know-how, goes hand in hand with diffusion of political ideologies. For example, multiparty democracy has become worldwide political ideology.

iii. Education

This is another aspect of globalization where there is wide spreads of education based on different components in the world which then cause people to interact together whether can either formal or non formal education.

iv. Health

Under this component globalization has influenced people to interact together on health issues especially on preventing and fighting against the world pandemic disease like HIV/AIDS, EBOLA, DENGUE, COVID19 and other emerging diseases. Normally health component is highly influenced by the world health organization (WHO).

iv. Sanitation

Globalization has influenced people to have culture of improving and taking care for living environments through international campaigns towards the environmental conservation where people throughout the world share the same strategies of environmental conservation for improving living environments.

v. Housing

Globalization has brought people together on sharing housing technology where by new fashion of constructing houses has been the big agenda.

There is proper city planning which adopted by people worldwide through movement of people from one place to another as well as information flows.

vi. Communication technology

Under globalization people are featured by communication through different invented means of communication among people in the world like the use of mobile phone, television, computer radio, Newspapers as the means if information flows among people in the world.

vii. Values

Globalization has made people to share their values in the world easier through the use of fastest means transport and communication.

viii. Beliefs

Globalization has made people to share their beliefs in the world through different ways of information flows. These include religious beliefs.

ix. Norms

Globalization has made people to share some common norms in the world.

x. Language

Globalization it featured by the widespread of some international languages and local languages through movement of people from one place to another place through information flows. Example of some international languages are such as English, French, Chinese and Kiswahili.

xi. Movement of people

There have been increasing movements of people from one country to another due to the use of different fastest means of transport like cars, motorcycles, ships, aeroplane and electric trans.

These people include tourists, immigrants, refugees, business travelers and diplomats. Hence, these movements, make the world to be interconnected.

3. POLITICAL ASPECT

This aspect focus on exchange of political values with other countries. Normally political aspect is focus much on democratic process and practices. Therefore the economic aspect include:-

i. Democratization

Globalization has responsible by promoting democracy to the third world countries under the strictly conditions such as free movement of people, multiparty system, free and fair political competition, Tolerance, equality, Accountability, etc.

ii. Promotion of human rights.

iii. Rule of law

iv. Promotion of equality.

v. Free and fair political.

iv. Good governance.

vi. Political tolerance.

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