Economic globalisation – increasing economic interdependence of economies across the world through rapid increase in cross border movement of goods, service, capital and technology. 

  1. Pros:
    1. Increased investment in developing countries stimulate their economies. 
    2. Free trade – production to the capacity and import goods
    3. Wide range of products available
    4. Sharing of technological innovation
    5. Better payment to employees
    6. Expansion of trade, industrialisation, finance. 
  2. Cons:
    1. Higher unemployment – due to outsourcing, cheap labour etc. 
    2. Transnational corporation going beyond powers of small governments
    3. Economies are linked – hardship in one country affects another. 
    4. Loss of cultural diversity – use of western products

Political globalisation – spreading social relations from one end of the world to other. 

  1. Expansion of international law and organisations
  2. Expansion of diplomacy

Social globalisation – impact on the life and work of people – families – society

  1. Employment
  2. Working conditions
  3. Income and social protection
  4. Culture and identity
  5. Empowerment of women and minority groups

Cultural globalisation – transmission of ideas, values and meanings – dressing, television programs, food habits etc. 

  1. Pros:
    1. The best of cultures can be shared and understood. 
  2. Cons:
    1. Shaping public opinion knowingly
    2. Expansion of western culture and values
    3. Increase in violence

Ideological globalisation

  1. Triumph of markets over governments