7K Political Science

refers to the widening, deepening, and speeding up of worldwide interconnectedness in all aspects of contemporary social life. While the term is often used in a purely economic sense, it also encompasses political, cultural, and technological dimensions. It is not a new phenomenon, but its pace has been dramatically accelerated since the end of the Cold War by advances in transportation and communication technology. Economic globalization, often associated with the ideology of {neoliberalism}, involves the integration of international financial markets, the growth of Transnational Corporations (TNCs), and the establishment of global supply chains. Organizations like the World Trade Organization (WTO), the International Monetary Fund (IMF), and the World Bank have played a crucial role in promoting a global free-market economy. This has led to unprecedented economic growth for some, but also to increased inequality, financial instability, and a "race to the bottom" as nations compete to attract investment by lowering labor and environmental standards. Political globalization is evident in the rising importance of international organizations and non-state actors. The United Nations (UN), the European Union (EU), and various international courts and tribunals have gained influence, leading to debates about the erosion of national sovereignty. Global civil society, comprising thousands of Non-Governmental Organizations (NGOs), has also become a powerful force, advocating for human rights, environmental protection, and social justice on a global scale. Cultural globalization describes the transmission of ideas, meanings, and values around the world. This is most visible in the spread of consumer culture, driven by global brands like McDonald's and Coca-Cola. Critics often decry this as cultural homogenization or Americanization, warning of the erosion of local cultures. Others, however, point to the phenomenon of "glocalization," where global products and ideas are adapted to local contexts, and the emergence of new hybrid cultures. The internet and social media have become the primary vectors for this cultural exchange, connecting people and spreading ideas with incredible speed. The debate around globalization is highly polarized. Proponents, like Thomas Friedman who famously declared "The World is Flat," argue that it fosters economic efficiency, spreads democratic values, and creates a more interconnected and understanding "global village." Critics, such as Joseph Stiglitz and Naomi Klein, argue that the current form of corporate-led globalization has exacerbated inequality, undermined democracy, and caused significant social and environmental harm. The rise of populist and nationalist movements in the 21st century can be seen, in part, as a political backlash against some of the perceived negative consequences of globalization.

Key Concepts and Issues since 1991: Globalisation