The Features of Globalization
Initially, politics was wrapped around national political affairs. Now, politics is undertaken as the circumstance of association between countries all around the world. It is also understood as working of power relations in globe. Global politics is such area which studies economy and politics which may create the political globalization. Globalization, in simple words is something obsessed with international trade and investment, which enables the interface and integration among the citizens, countries and regime of different nations. It may be also defined as the way out to exist and expand in the world. Globalization helps in international influence and cultural exchanges.
More importantly, globalization is the process of deepening the financial assimilation, mounting economic directness and budding economic interdependence between nations in the world economy. The main and foremost feature of globalization is the quick growth in global financial transactions. Internationalization of products and services by huge firms can also be component of globalization. Urbanized business capitalism has marked manufacture relationship between enterprises of different countries where the production of part becomes the component of whole. Conclusively, globalization is featured as increased freedom and capacity.
Swift expansion in trade is another impact of globalization which takes especially among multinational corporations. Mentioned in the epilogue from the book Introduction to Global Politics is: “Giant transnational corporations distribute and redistribute global resources and determine the wellbeing of individuals everywhere, sometimes for better and sometimes for worse” (527). Integration of goods in heterogeneous economics output the financial independence. Liberalism of trade and capital flows is main feature in this context. Globalization provides values to investing freely without governmental constraints.
Another feature of globalization is rush in foreign straight investment, basically contributed by multinational corporations. Foreign direct investment has become one of the controversial issues because it is defined as investor from another country who has control over the company. But it gives access to markets and resources. For example, the local labor is utilized when a large industry is established in a small country. Foreign direct investment has become the media of cost reduction, tax revenue generation, development of new industry and exposure of local and national government.
Furthermore, diffusions of technologies and ideas in the course of quick extension of a globalize transportation and communication system is another feature of globalization. Spread of new processes and products within and across the economics is main focal point where there is transnational relationship. Globalization implies the development in communication and transportation which further leads to innovation in ideas and technologies. Military force attempt to approve the new technologies, doctrines and other forms in association for the welfare of certain nation which can be counted as the characteristics of globalization.
Moreover, globalization and its implication in global politics contribute in transnational spread, extension and flourishing of culture, economy and services. The true feature of global politics also is counted as the resolution to the global problems because it works within the social spaces. Strategy decisions are slanting toward liberalization which is dominating theme of globalization that enables suspension of blockade of trade and helps in capital mobility which further leads to enlargement of parallel economy.
In conclusion, liberalization is key component of global politics because globalization is more touched up with liberal theory. Basic feature of global market is protectionism. Free trade is resulted with liberal world which trended in liberalization of capital market, property rights, and international migration. The focus of these issues and liberal world resulted into the process of globalization. When business environment is interchanged it gives rise to new technologies, ideas, services, cultural exchanges, integration and extensions.
Mansbach, Richard W, and Kristen L. Tylor. Introduction to Global Politics. Routledge, 2012.