The Future Of Globalisation

Globalisation is often compared to a snowball rolling down a steep mountain; it seems to be gathering more and more momentum. It is not a question of whether it will continue but at what pace! The future direction of globalisation is dependant to a large extent on sovereign governments. They still have the power to put in place significant obstacles to globalisation such as tariffs, immigration restrictions and military hostilities.

 

Governments have recognised the importance of international cooperation and coordination. This has led to the emergence of numerous international organisations and financial institutions for example the IMF and the World Bank. The world is made up of nation states within a global marketplace. It is imperative to have the right rules in place so the global system is resilient, beneficial and legitimate. The benefits of globalisation offered by international institutions should offer opportunities to the most deprived. The benefits of globalisation could reduce dependency and lead to better living standards throughout the world. Globalisation will continue to break down barriers of culture with more and more countries being integrated into the global economy.

Globalisation – A Review

There are three main forms of globalisation:

Ø  Economic – under both the General Agreement on Tariffs and Trade (GATT) and its successor, the World Trade Organisation (WTO). World trade has expanded rapidly. TNCs have been the major force in increasing economic interdependence and several generations of newly industrialised countries (NICs) have emerged.

Ø  Cultural – Western culture has diffused to all parts of the world through television, cinema, the internet, newspapers and magazines. This has been reflected in media, art, sport and leisure pursuits.

Ø  Political – the influence of nation states has diminished in many areas as more and more countries organise themselves into trade blocs. The influence of Western democracies on developing countries (many of them ex-colonies) has also been strong.  

 

Globalisation can be seen in terms of:

Ø  Urban – a hierarchy of global cities has emerged to act as centres for the global economy.

Ø  Demographic – the growth of international migration and the rise of multicultural societies.

Ø  Linguistic – the emergence of English as the working language of the ‘global village’.

Ø  Environmental – the impact of activity in one country has a clear impact in others, for example the spread of pollutants and the impacts of global warming.

 

I found the video below on YouTube; it provides a good overview of the globalisation topic.