Globalization has various aspects which affect the world in several different ways such as:
- Industrial – emergence of worldwide production markets and broader access to a range of foreign products for consumers and companies. Particularly movement of material and goods between and within national boundaries.
- Financial – emergence of worldwide financial markets and better access to external financing for borrowers. As these worldwide structures grew more quickly than any transnational regulatory regime, the instability of the global financial infrastructure dramatically increased, as evidenced by the financial crises of late 2008.
- Economic – realization of a global common market, based on the freedom of exchange of goods and capital.
- Political – some use “globalization” to mean the creation of a world government which regulates the relationships among governments and guarantees the rights arising from social and economic globalization. Politically, the United States has enjoyed a position of power among the world powers; in part because of its strong and wealthy economy. With the influence of globalization and with the help of The United States‘own economy, the People’s Republic of China has experienced some tremendous growth within the past decade. If China continues to grow at the rate projected by the trends, then it is very likely that in the next twenty years, there will be a major reallocation of power among the world leaders. China will have enough wealth, industry, and technology to rival the United States for the position of leading world power.
- Informational – increase in information flows between geographically remote locations. Arguably this is a technological change with the advent of fibre optic communications, satellites, and increased availability of telephone and Internet.
- Language – the most popular language is About 35% of the world’s mail, telexes, and cables are in English. Approximately 40% of the world’s radio programs are in English. About 50% of all Internet traffic uses English.
- Competition – Survival in the new global business market calls for improved productivity and increased competition. Due to the market becoming worldwide, companies in various industries have to upgrade their products and use technology skillfully in order to face increased competition.
- Ecological – the advent of global environmental challenges that might be solved with international cooperation, such as climate change, cross-boundary water and air pollution, over-fishing of the ocean, and the spread of invasive species. Since many factories are built in developing countries with less environmental regulation, globalism and free trade may increase pollution
- Cultural – growth of cross-cultural contacts; advent of new categories of consciousness and identities which embodies cultural diffusion, the desire to increase one’s standard of living and enjoy foreign products and ideas, adopt new technology and practices, and participate in a “world culture”.
Spreading of multiculturalism, and better individual access to cultural diversity (e.g. through the export of Hollywood). Some consider such “imported” culture a danger, since it may Supplant
the local culture, causing reduction in diversity or even assimilation. Others consider multiculturalism to promote peace and understanding between peoples.
Greater international travel and tourism. WHO estimates that up to 500,000 people are on planes at any time.
Greater immigration, including illegal immigration
Spread of local consumer products (e.g. food) to other countries (often adapted to their culture).
Worldwide fads and pop culture such as Pokémon, Sudoku, Numa Numa, Origami, Idol series, YouTube, Orkut, Facebook, and MySpace. Accessible to those who have Internet or Television, leaving out a substantial segment of the Earth’s population.
Worldwide sporting events such as FIFA World Cup and the Olympic Games.
- Social – development of the system of non-governmental organizations as main agents of global public policy, including humanitarian aid and developmental
- Technical
Development of a global telecommunications infrastructure and greater trans-border data flow, using such technologies as the Internet, communication satellites, submarine fiber optic cable, and wireless telephones
Increase in the number of standards applied globally; e.g. copyright laws, patents and world trade agreements.
- Legal/Ethical
The creation of the international criminal court and international justice movements. Hague…..
Crime importation and raising awareness of global crime-fighting efforts and cooperation.