Impact Of Globalization On The Social Consciousness Of The Late 20th Century

1667 Words Mar 11th, 2015 7 Pages
Introduction
Globalization is a term that profoundly characterized the social consciousness of the late 20th century, and still continues to shape 21st century social discourse. But what exactly does globalization imply? Unfortunately, despite being referred to almost incessantly, the true meaning of globalization is often obscure (Reich, 1998). However, according to Griswold (2000), the term globalization simply refers to the liberalization of international trade that effectively promotes the integration of national economies. Another definition of globalization is provided by Pologeorgis (2010), who states that globalization is a process that ultimately aims to expand business operations on a worldwide scale. According to Griswold (2000), there are also those schools of thought who define globalization based on technology and communication in the context of the internet and on diminishing of national boundaries. To this effect, it can be deduced that the eradication of national boundaries, together with increased international communication has resulted in the shrinking of the world into a global village.
According to The Economist.com (2014), the assumption has always been that with globalization, developing nations have the opportunity to catch up and be equal to or with developed nations. Hence, as The Economist.com (2014) continues to assert, when developed countries enter global markets, economic inequality is significantly diminished. However, according to Hogan…
Open Document