Debating Globalisation Essay Example | Topics and Well Written Essays - 1750 words

Debating Globalisation - Essay Example Hong Kong is now the fourth largest city of China- after its accession with China- and also boasts as one of the liberal as well as transparent economic systems in the region. Parting with other economic regions of China, Hong Kong has now become one of the vibrant societies with lot of Western characteristics to share with other countries in the region. Similarly, China as a whole has also became probably the leading country in the world which is being economically integrated with the rest of the world due to sheer power of its economic strength and size. How these economies i.e. Hong Kong and India have integrated into the world economy and to what degree they are successful in integrating with the world economy is one of the questions, this research paper will attempt to discuss with the help of the relevant theories and data. Globalization In simplicity, globalization may be defined as the creation of a single market or the integration of world markets however, on the whole, defi ning the overall process of globalization is quite complex. â€Å"Globalization can be conceived as a process (or set of processes) which embodies a transformation in the spatial organization of social relations and transactions, expressed in transcontinental or interregional flows and networks of activity, interaction and power†(Held& Mcgraw, 1999). The above definition of globalization suggests that globalization is a process which is based upon the transformation of the social relations. However, this transformation or change takes place in different phases or stages and the subsequent integration of any given society through the process of globalization follows this phased process. The first stage of integration comes when the political, economic as well as the social ideas are stretched followed by the intensification of the interconnectedness between the investment, trade and other variables. The third stage comes when this overall process of integration speeds up this interconnectedness with the world economies due to the rapid transformation in the communication technologies. In the final phase, this growing degree of the integration creates the so called deepening impact on the social and economic aspects of the societies which have gradually been integrated with the world economy or the markets. it is also important to note that the globalization, is also associated with the slow and gradual vanishing of the State and its role in managing the markets specially. It advocates the emergence of borderless world and often claims to end the sovereignty of the State and the economies. What is also significant to note that it has also been associated with the Westernization of the different societies? It is generally believed that the process of globalization will result into the Westernization of the societies and the ideologies of Western countries specially US will gradually take over other societies. It simply means that the value system of Americ a will eventually take over the values and belief systems of other countries and societies. Measurement of globalization Globalization and its impact on any given society is measured with the help of different measures which typically outline the overall degree of integration of any given economy in the world economy. These factors include: Flows: Flows