Concepts and Dimensions of Globalization

Vocabulary flashcards covering the definitions, perspectives, dimensions, historical timeline, and effects of globalization based on the lecture material.

Globalization

The integration of national markets to a wider global market signified by increased free trade, as well as the growth of international trade, investment, technology, and information all over the world.

Giddens (1990) Perspective

Pointed out that globalization is the intensification of worldwide social relations.

McGrew (1990) Perspective

Emphasized that globalization is composed of multiple sameness and interconnectedness.

Holm and George (1998) Perspective

Described globalization as the intensification of economic, social, and cultural relations across borders.

Manfred Steger (2009) Perspective

Defined globalization as a set of social processes that appear to transform our present social condition of weakening nationality into one globality.

Economic Dimension of Globalization

Explores how the way people have undertaken economic production has changed.

Political Dimension of Globalization

Looks at political arrangements beyond the nation-state.

Ecological Dimension of Globalization

Examines the effects of global alliances on ecological issues.

Cultural Dimension of Globalization

Explores the intensification and expansion of cultural flows across the globe.

Silk Road

An ancient network of trade routes that created some of the earliest long-distance trade connections between Asia and Europe.

Spice Routes

Routes from the 15th to 17th century European exploration that expanded trade between Asia, the Middle East, Africa, and Europe.

Age of Discovery

A historical era during the 15th to 17th century where European exploration created wider global trade that was largely controlled by European colonial powers.

1st Wave of Globalization

A 19th-century wave where industrialization, steamships, and railways made global trade faster and larger, though its benefits were distributed unequally.

2nd and 3rd Wave of Globalization

The period after World War II when international trade increased again, but the Cold War divided the global economy into two major blocs.

Digital Age / Globalization 4.0

The late 20th-century onwards stage of globalization driven largely by digital technology and the Internet creating instant global communication.

Positive Effects of Globalization

Benefits including global market expansion, cross-cultural management, global investments, advanced technology, legal competition, job opportunities, and reducing the gap between the rich and the poor.

Negative Effects of Globalization

Drawbacks including terrorism, price instability, job insecurity, and currency fluctuation.