Some Notes about Globalization
>Globalization is a complex issue because the nations of the world have varying experiences about how they face and go about this process.
>Globalization penetrates almost every aspect of the society and almost every nooks and cranny of the world. In the economic sense, globalization means freer and faster movement or mobility of people, capital investments, technological capital, products and currency across nations.
>In the cultural sphere, globalization propagates the use of English as mode of communication in the economic transaction, diplomatic relation and academic matters in many countries around the word. The modernization of technology led to the popularization of cosmopolitan and consumerist lifestyle of the West.
>Globalization has also wrought irreparable damages to the life of the poor people from the South. It weakened their sense of national identity. English language and Western values became the yardstick of cultural development at the expense of the indigenous culture. Local producers were also economically displaced by the excessive dumping of foreign products, thereby intensifying the problem of income inequality, poverty and underdevelopment in the Third World.
>Poor countries which do not have the capacity to launch national industrialization as a result of insufficiency in capital and technological input are left with the huge supply of labor force as its competitive advantage and source of economic redemption. Some are employed as migrant workers while others remain in the country to work in big factories commonly owned also by foreigners.
