“Globalization” began many years ago in the early 15th century, long before the “Age of Exploration” or “European Age of Discovery,” when humans interacted over long distances to explore the Americas, Asia, Africa and Oceania. The Silk Road, which interconnects the international trade routes of Asia, Africa and Europe, was built over Central Asia by the Han dynasty in 114 BC. This ancient path opened up the regular international movement of goods, services and people between many countries linked to this path. The trade on the Silk Road greatly contributed to the development of civilization in the Indian subcontinent, China, Europe, Persia and the Arab countries. It brought and enriched connecting countries with various technologies, philosophies, culture and religions through trade and exchange. Therefore, ‘globalization’ is nothing new because for centuries people and corporations have invested in companies in other countries. Many of its current features were clearly evident even before the outbreak of the First World War in 1914.

‘Globalisation’ came into its modern form very recently when Roland Robertson first used this term in 1983. He used it to refer to the process of exchange and commerce in a borderless world market, expanded through increased connectivity and mutual interdependence. . ‘Globalization’, the great idea of ​​the 20th century, actually lacks an exact definition. It is characterized by including the following main types of changes.

It magnifies the free flow or interconnectedness of investment, capital, culture, trade, migration, etc. International borders become mostly domestic affairs. It is a definite move towards the free transfer of capital, goods and services in a borderless world with some controls on the movement of labor to protect some delicate economies (e.g. skilled labor, brain drain, etc.) . Producers and manufacturers plan to produce where it is convenient to produce and more profitable to sell. They are no longer rooted to any fixed homeland as before. It has resulted in many companies establishing or buying operations in other countries. Here, a US or UK company may plan to produce in Thailand or China for sale in Europe or other developed or growth markets. Because, in this way, you can produce goods of the same quality at the lowest cost and sell them somewhere where you can earn maximum income. This is the main benefit of ‘globalisation’ in its simplest form. An American company, instead of employing high-salaried administrative or customer service staff, can get the same quality of service through Indian BPOs at one-tenth the cost. It is a process by which states become interdependent with each other in many spheres of life. It is also a process that unites the people of the world into a unit with common characteristics.

The International Monetary Fund has identified four main characteristics of ‘Globalisation’. They are:

• Trade or economy of exchange of goods between countries and transaction through agreement between buyers and sellers;

• Movement of capital, investments, technologies, inventions and innovations

• Movement or migration of people; and

• Distribution of knowledge.

The main advantages of ‘globalization’ can be summarized as follows:

• Globalization has helped bring economic progress to many emerging economies through the inflow of foreign capital and employment into countries.

• Different resources from different countries are used optimally.

• Consumers get a greater variety of products to choose from at competitive prices.

• Producers, manufacturers, investors and service providers gain access to broader markets.

• Promotes understanding, stronger trade ties, peace and goodwill among many countries.

• The adverse impact of fluctuating production on agriculture in an area can be avoided.

• The diffusion of technology reduces international poverty, the different cultures of the world become homogeneous (both positive and negative).

‘Globalisation’ is supposed to bring about economic, social and political unification through a massive increase in trade and cultural exchange, a freer movement of capital, goods and services. Yet it often complains that it helps create more wealth in developing countries and fails to close the gap between the world’s poorest and richest countries. It is never free from criticism. Many see globalization as a threat to the world’s cultural diversity. It is also often criticized for the following reasons.

• Developed countries can suppress the growth of poorer countries by dictating unjustified terms. It operates mainly in the interest of the richest countries. It fails to increase general well-being.

• Depression or the adverse impact of the economy in one country can instigate an adverse reaction throughout the world, such as communicable diseases. If one country’s economy collapses, it is likely to spread throughout the system, uniting many other countries.

• The risk that diseases are also unintentionally transported more freely with people traveling and migrating from one place to another.

• Many indigenous products or local brands or businesses in the poorest countries may go bankrupt. It is a direct attack on the small and small local industry.

• Globalization consumes finite resources faster. The increase in production, industrialization, deforestation has worsened the level of pollution and climate change.

• Globalization shifts jobs and investment spending from developed countries to developing countries.

• Fosters dependence on other countries for essential goods and services.

• Reduces the importance of the nation state. Sub-state or supra-state institutions such as the G8, the International Criminal Court, the WTO replace national functions with international agreements.

‘Globalization’ is a double-edged sword. Although it generates a lot of growth globally, it does not address the underlying concerns of the poor. Despite its benefits, it has given rise to many conflicts around equality. It has benefited a small percentage of people but has harmed many more in number. Globalization, a complex concept, often provokes heated debates. Its effectiveness depends on the role of a country’s government and its policy.