Historical Foundation of the Term “Globalization”

Though many scholars place the origins of globalization in modern times, other trace its history long before the European Age of Discovery and voyages to the New World, some even to the third millennium BC. Large scale globalization began in 1820’s. In the late 19th century and early 20th century, the connectivity of the world’s economies and cultures grew very quickly.

• In 1897, Charles Taze Rusell of (The Watch Tower Bible and Tract Society) coined a related term , corporate giants. This term, refers to the largely national trusts and other large enterprises of the time.

• In 1930, the word “globalize” entitled “Towards New Globalization” where it denoted a holistic view of human experience in education.

• In the late 1970’s , the world globalization was coined . In 2013, this term was used to mean “border-less society” referring to international migration.

• In the early part of 1981, the term “globalization” had been used in its economic sense. However, in the late half of the 1980’s. Theodore Levitt popularized the term “globalization” by bringing it into the mainstream business audience.

• Lately in 2000, The International Monetary Fund (IMF) identified (4) basic aspect of globalization namely: (1) trade and transactions; (2) capital and investment movements; (3) migration of knowledge; (4) dissemination.

• It is only in 2017 when the word “globalization” was often used in teaching, in discussions, in meeting and conferences, in lectures and so on.

• This time 2018, the phenomenon of globalization is now on full swing in all academic disciplines.

Nature of Globalization

Globalization is a conglomerate of various multiple units located in the different parts of the globe which are linked by common ownership. The multiple limits draw on parts of the globe but all linked by common ownership. Multiple units draw on a common pool of resources, such as money, credit, information, patents, trade names and control systems. The units respond to some common strategy. Products presence is in different markets of the world. Human resources are highly diverse. Transactions involving intellectual properties such as copyrights, patents, trademarks, and process technologies are across the globe.

Academic literature commonly subdivides globalization into three major areas such as: economic globalization; cultural globalization; and political globalization.

Indicators of Globalization

The inventions of science and technology are attributable to the spread of globalization. These are some of the modern offspring of development in our infrastructure system. Like the jet-engine, the internet, e-banking, e-books, e-bike, the LRT, MRT and other mechanical inventions that contribute to our modern technology plays a vital role in globalization. These improvements that people enjoy today in the contemporary world have been a major factor in globalization which have generate further interdependence in economic and cultural activities among nations.

Definition of Globalization

There are many varying definitions of the term globalization. These are as follows:

• Globalization is the increasing interactions of people, states, countries through the growth of the international flow of money, ideas and culture. It is primarily focused on economic process of integration that has social and culture aspects.

• It is the disconnectedness of people and business across the world that eventually lead to global, cultural, political , and economic integration.

• It is the ability to move and communicate easily with others all over the world in order to conduct business internationally.

• It is a free movement of goods, services, and people across the world in a seamless and integrated manner. It is the liberalization of countries of their impact protocols and welcome foreign investments into sectors that are the mainstays of its. Economy.

• It refers to countries acting like magnets attracting global capital by opening up their economies to multinational corporations.

Importance of Studying Globalization

In today’s contemporary world, it is important for students to understand and appreciate the study of globalization for the following reasons:

• There is a greater demand in business industry, health, engineering, and technology to have people who can work with people of other nations and cultures.

• There is a greater demand of promoting the local business and industry to other countries and if need be, owners travel independently and internationally for a better promotion.

• Creating meaningful, harmonious, and workable relationship that link globally is an important aspect of the merits of globalization, especially if one wish to be the President of the future generation.

• Enable the students to work as a model of collaborative team in the near future along the areas of business, education, health, science and arts, etc., and discuss best products in these areas.