Objective:

• To study process of globalization
• To study its nature and effects
   

Introduction
Globalization is the process of worldwide integration that results through the exchange of ideas, products, and other cultural aspects. Advances in transportation and telecommunications infrastructure, such as the development of the telegraph and its offspring, the Internet, are significant drivers of globalization, resulting in increased interconnectedness of economic and cultural activities.

Though academics put the roots of globalization in the contemporary era, others trace its history back to the European period of exploration and journeys to the New World. Some claim that the origins date back to the third millennium BCE. The interconnectedness of the world's economies and cultures increased rapidly in the late nineteenth and early twentieth centuries. Globalization and its good and negative consequences are the subject of intense discussion.

While many people believe that globalization has the potential to make societies richer through trade and to bring knowledge and information to people all over the world, many others believe that globalization contributes to the exploitation of the poor by the rich and poses a threat to traditional cultures as the process of modernization changes societies. Some people associate the bad elements of globalization with terrorism.

To simplify a complex issue, they claim that exploitative or deteriorating circumstances lead to the attraction of informal "extremist" networks that conduct criminal or terrorist actions on a global scale. And, due to modern technology and interconnected civilizations, these networks now cover the globe. Terrorism is "globalized" in this sense as well.

Globalization: It's Nature
The following are the major threads for the nature of globalization:

1. Increasing and increasing connectivity of civilizations throughout the globe
2. Almost unhindered global flows of financial money, news, and cultural imagery.
3. Increased activity and influence of international corporations (MNCS).
4. Growing economic development in many nations is accompanied by rising inequality.
5. The emergence of a worldwide consumer culture More travel and migration from more nations to more countries; quicker modes of transportation and technological communication, such that time and space are progressively being squeezed.
6. Increased public knowledge of what is going on in the globe and the potential consequences for their own nation.
7. The fast expansion of government and non-government supranational organisations that complement, replace, and assist the nation-operations state's.

This mentality resulted in the establishment of global trade governing organisations such as the World Trade Organization, the Organization for Economic Cooperation and Development, and the European Union. These groups aim to liberalize trade by eliminating import/export taxes and government protectionism.

The rapid rise in the rate of globalization has been aided by the advent of technology, which has enabled quick communication and transportation between geographically distant locations. China's entry into the global trade market has boosted supply and demand for completed goods, which is strengthening global industry.

Economists tend to see globalization as a net "benefit." Economists, on the other hand, appear to be driven only by their erroneous models, unable to recognise real-world issues. They omit to mention that the universe is finite, which is an important point to remember. We don't have an endless supply of resources or the capacity to deal with pollution at any one time. That is why we are creating a "alternative" that is at best transient.

Positive Effects of Globalization
The topic of globalization has gotten a lot of attention lately. Proponents laud it as a world-changing event, while detractors call it neo-imperialism. It has had a mixed reception. Despite the difficulties, it's still worth it. It's admirable how many people there are in the globe. We'll look at some of globalization's benefits in the following sections. It is praiseworthy the role that has played in improving the lives millions of people across the globe. We'll look at how globalization has benefited society in the following paragraphs.

1. Increased Competition
   The increased quality of goods as a result of global competition is one of the most noticeable consequences. Domestic companies are forced to raise their standards and customer satisfaction levels to compete with foreign competitors, so they have become more customer-centric in order to stay in business. Additionally, when an international brand enters a new country, it does so with some goodwill that it must live up to. This leads to market rivalry and a "survival of the fittest" scenario.
    
2. Employment
   Companies have expanded into emerging nations as a result of globalization, creating jobs for the locals. However, depending on your point of view, it may be either beneficial or terrible. Investing in developing countries and taking use of the available talent has been made possible as a result. The development of local businesses and the creation of jobs are both hampered in emerging nations because of a scarcity of capital. In such situations, individuals in underdeveloped nations may also find work because of the worldwide character of the companies. However, as a result of this transfer of employment to the developing world, individuals in the industrialized world are feeling the squeeze.
    
3. Investment and Capital Flows
   The amount of Foreign Direct Investment (FDI) that comes into emerging nations like Brazil and India has to be seen as well. Many businesses have invested directly in Brazil and India by establishing manufacturing facilities. Profitable companies attract a lot of international investment, which raises the country's foreign currency reserves.
    
4. Foreign Trade
   When talking about the consequences of globalization, it's impossible to ignore the role that international commerce plays. Even in ancient times, comparative advantage was a consideration. Despite the fact that commerce has its roots in the early kingdoms, globalization has formalised it. To achieve what they desired in the past, individuals had to use unethical methods like destroying kingdoms and nations. Humanely, it's done now with understanding on all sides. People who conduct business in an uncivilized manner will have to deal with the World Commerce Organization (WTO) and other international bodies created to monitor and regulate international trade.
    
5. Spread of Technical Know-How
   Despite the widespread belief that all breakthroughs take place in the developed world, technological know-how gets transported there as a result of globalization. There would be no one else to profit from new discoveries and treatments if they remained locked up in the nations that made them. Economic and political knowledge have also extended far and wide as a result of the development of know-how. The most apparent illustration of how information spreads is the. Antibiotics from the West are flooding the Indian market, while people in India are awakening aware to the advantages of Ayurveda and Yoga, which are ancient Indian traditions.
    
6. Spread of Culture
   Not all excellent habits originated in a single culture. The world we have today is a product of the fusion of many different civilizations. A receptive population will recognise the faults in their own culture and take up ideals that are more current or relevant to the current moment. Because of the individuals they have accepted from different civilizations and backgrounds, societies have grown and developed a whole new culture. Globalization has facilitated the spread of everything from cooking techniques to languages and traditions. Movies, musical genres, and other kinds of art may all be categorized in the same way. A culture that has adopted them has left an impact on them since they have migrated from one nation to another."[1]
    
7. Spread of Education
   Education has expanded widely as a result of globalization. Today, you have the freedom to travel the globe in pursuit of the finest educational institutions the world has to offer. A resident of the United States has the opportunity to go to another continent in search of fresh experiences that are unavailable to him back home. If you're dedicated, you may even specialise in fields that aren't native to your nation and then teach what you've learned back home. A excellent illustration of this is the fact that American managers travelled to Japan to learn about the finest mass production techniques, and then applied what they learned back in the United States.
    
8. Legal and Ethical Effects
   Once upon a time, the lack of jurisdiction was a barrier to criminal prosecution. Criminals can no longer seek refuge in another country because of international courts of justice, and they are thus brought to justice. Security agencies and police from many nations have come to an agreement as a result of globalization to combat global terrorism. As a result, criminals may now be apprehended no matter where they go to avoid detection.[2]

Negative Effects of globalization:
Today, globalization is a hotly debated topic. Its advantages and disadvantages are hotly debated. Here, we'll examine the harm it does.

1. Child Labor and Slavery:
   Child labour and slavery have increased as a result of globalization, according to different schools of thought. Companies that use minors may get away with paying authorities in nations with weak or non-existent accountability, which might lead to a rise in criminal activity. Critics claim that because of globalization, the global market is now very competitive, and immoral corporate activities occur as a consequence.
    
2. Increase in Terrorism:
   Terrorists and criminals may have benefited unintentionally from globalization. One of the core principles of globalization is the freedom of movement of people, resources, food, and ideas across borders. However, 9/11 served as a chilling reminder that those with malign intents may take advantage of this freedom and do harm.
    
3. Increase in Pollution:
   People in developing countries - where the majority of companies have been established - have their own reasons for opposing globalization in addition to those of the industrialized countries. For a long time now, they've complained that their cities have essentially been turned into giant trash dumps, collecting everything from construction debris to hazardous waste.
    
4. Resentment among People:
   The wealthy are growing wealthier, while the poor are barely scraping by on a daily basis. As long as the Occupy Wall Street demonstrations serve as a reminder of how upset people are with the existing system, our leaders should act to reduce poverty. If globalization had been successful, it would have led to increased wealth and prosperity, but corporate greed and incompetent governance have prevented this.
    
5. Spread of Aids:
   Few people in the United States knew that AIDS had its genesis in Sub-Saharan Africa until the first known case was reported in the country in 1984. People from all over the globe came together because of globalization, which is why a virus from the rainforest made its way to almost every nation in the world.
    
6. Degradation of environment:
   It's no secret that environmental deterioration has been the subject of heated discussion at many international conferences, and one of the main elements contributing to the worsening of the situation is undoubtedly globalization. Industrial and factory operations are depleting the earth's natural resources, and pollution has deteriorated the air quality we depend on for our existence.[3]

Conclusion
There are many ramifications for a country's economy from globalization. The international market has become more interdependent and competitive as a result of globalization. As a result, trade in goods and services, as well as capital movements, are interdependent. So domestic economic trends are not only driven by domestic policies and market circumstances. Instead, both local and foreign policy and economic circumstances have an impact on them.

Consequently, it is obvious that a globalizing economy cannot afford to overlook potential actions and responses of policies and events elsewhere in the globe when developing and assessing its domestic policy. As a result, the government's policy options were limited, which indicates a loss of policy autonomy in national decision-making.

Bibliography:

1. Baylis John, Smith Steve and Owens Patricia, The Globalization of World Politics (4" Ed, 2008) oxford university press
2. Burchill Scott, Theories of International relation, 2005, Palgrave Macmillan, New York.
3. http://www.buzzle.com/articlespositive-cfects-of-globalization.html
4. https://sitesgoogle.com/site'nativgatingtheglobalcomauthe-positives-and-negatives-of-globalization
5. http://www.buzzlk.com/articles/negative-effects-of-globulization.html
6. https://d1wqtxts1xzle7.cloudfront.net/45787337/The_Scope_of_Technological_Globalisation20160519-17755-j14ykw.pdf
7. https://files.eric.ed.gov/fulltext/EJ903804.pdf
8. https://www.yourarticlelibrary.com/essay/essay-on-globalisation-definition-nature-history-and-impact/48535
9. https://www.scribd.com/document/327659044/Political-Science-Project-1

Web Sources:

1. www.economics.about.com/od/globalizationtrade//aaglobalization.htm
2. www.buzzle.com/articles/negative-effects-of-globalization.html
3. www.oilprice.com/Finance/the-Economy/12-Negative-Aspects-of-Globalization.html
4. www.programsandcourses.anu.edu.au/specialisation/GOIR-SPEC

End-Notes:

1. http://www.buzzle.com/articlespositive-cfects-of-globalization.html
2. https://sitesgoogle.com/site'nativgatingtheglobalcomauthe-positives-and-negatives-of-globalization
3. http://www.buzzlk.com/articles/negative-effects-of-globulization.html

Written By: Mohit Mandloi - BA-LLB (Hons.) Semester III, NMIMS Indore