Economic globalisation – increasing economic interdependence of economies across the world through rapid increase in cross border movement of goods, service, capital and technology.
- Increased investment in developing countries stimulate their economies.
- Free trade – production to the capacity and import goods
- Wide range of products available
- Sharing of technological innovation
- Better payment to employees
- Expansion of trade, industrialisation, finance.
- Higher unemployment – due to outsourcing, cheap labour etc.
- Transnational corporation going beyond powers of small governments
- Economies are linked – hardship in one country affects another.
- Loss of cultural diversity – use of western products
Political globalisation – spreading social relations from one end of the world to other.
- Expansion of international law and organisations
- Expansion of diplomacy
Social globalisation – impact on the life and work of people – families – society
- Working conditions
- Income and social protection
- Culture and identity
- Empowerment of women and minority groups
Cultural globalisation – transmission of ideas, values and meanings – dressing, television programs, food habits etc.
- The best of cultures can be shared and understood.
- Shaping public opinion knowingly
- Expansion of western culture and values
- Increase in violence
- Triumph of markets over governments