Expanding the connection globally, the association of life on a worldwide range, and the development of awareness globally, resulting to the unification of the society around the world as a whole, is what the term globalization implies (Reich, 1998). There are other several definitions of globalization which are dependent on what they wanted to put emphasis including such huge practices which made its definition to be multifaceted in its history. Definition of globalization also varies according to a certain force that drives them in which there are different categories they embody.
There is no particular meaning of the term globalization. In fact, the meaning of globalization is also a topic to be discussed globally, and varying in different ideas. Some might say that it is the “real” processes according to the thoughts which give them the reason why is it represented that way (Endowment, 2004). Globalization cannot also be recognized as a word which expresses neutrality since the characterization given to it expresses diverse measurement of the changes occurring globally.
There had been several outlooks in the term globalization as of now. Others look at it a key with which can lead to developing the economy of the world in the future, thus it can be considered as beneficial. The process also is said to be predictable while being unavoidable and the process is permanent and cannot be reversed. However, others tend to be frightened by the process, lacking of sympathy, in which they believe that the inequality might increase inside the nation or even between different countries. In addition, the process might cause an adverse effect such as being a threat to the employment and to the standard of living and might also put to stop the advancement in society. Globalization’s potentials and risks came hand in hand with which the nations in the world must put in consideration.
There is a widespread of opportunities the process of globalization has to offer with which the improvement of the world can be achieved. However, there is an unevenness that might take place brought by this processes. The integration of some of the nations in the economy worldwide is faster compared to the others (William Skipper, 2007). Thus, those nations which incorporated the processes had increased their growth more rapidly and had lessened poverty. Together with the rise of the standard of living, development on democratic system and some issues with regards to economics such as the working environment and the standards of works was made feasible.
The advancement in technology plays an important role in the globalization. The economy and how interaction between nations was improved due to the improvement on the information technology. In addition, trends in economy worldwide can be analyzed more critically and more rapidly and so as the transfer of assets was made easier, and many more. Lots of opportunities were opened by these advancements in technology.
With these definitions of the term globalization, come up with a more general definition which is a process where there is an integration, and interacting people, companies, and different nations and their governments trading internationally with the aid of the use of information technology, with which the process can have a beneficial or adverse effects on different factors such as the environment, culture, political systems, on the improvement and success of the economy, and on the individual in the society worldwide.
The question “what is globalization” can possibly be answered in four ways, globalization being an important period in history, globalization as a process flowing together with the phenomenon happening in the economy, globalization as a representation of different values, and globalization as brought by the revolution on the society and technology.
The World Bank has its role on the process called globalization. James D. Wolfensohn, President of The World Bank Group, elaborates what are the roles of the World Bank and the challenges it faces with regards to globalization. The World Bank has now a commitment of $1 billion, around thirty times of the commitment six years ago, and promised to generate more money to be available.
The main concern of the World Bank is to fight and lessen, and if possible eliminate poverty worldwide. For the countries whose incomes are low, the World Bank plays its vital role to work together with the government of that country putting them in a place where the governance was of high-quality and strong, having efficient legal and judicial structures, and having vigorous financial composition. The World Bank also helps in assisting the government in fighting corruptions. Through this, the country has been given great opportunity in attracting foreign investors yielding to a higher domestic investment which are the essential factors of development and in the lessening of poverty.
Globalization opens opportunities for the problems in the country to find solutions worldwide. The role of the World Bank is to protect the environment as the beginning. They had the Strategic Framework in which the first concern was the transmissible diseases. Since these diseases has no boundaries, diseases can be transferred from one nation to another, thus resulting to the weakening and creating obstruction to the development of that country. The second concern of the World Bank is expanding the trading processes which are considered to be one of the critical components of integration worldwide. The third concern is about the role of the World Bank to analyze and advise the countries to reinforce their market institutions and infrastructures. By doing this, the country can have much benefits that can be get from trading.
The World Bank made it happen to perform their roles through the different factors thru which globalization had begin, that was due to the ideology of globalization being an important period in history, globalization as a process flowing together with the phenomenon happening in the economy, globalization as a representation of different values, and globalization as brought by the revolution on the society and technology.
According to the four quadrants as the basic standards stated by Friedman in his book entitled “The Lexus and the Olive Tree”, the World Bank fit in the category of being what we call the ‘Liberal Integrationist’, which Friedman called as the “Integrationist Social-Safety-Netter” which belongs to the Lower Left Quadrant (LL). The Lower Left Quadrant (LL) includes the characteristics of having an inter-personal relationship, concerned on the culture which was developed with the help of others through several principles such as justice, concept of equality, being appropriate, united perceptions, ethics and morality, and worldviews. The World Bank aims and concerns include the making of a communicative politics for the purpose of creating a more maintainable globalization, and promoting moral values and principles towards a more sustainable process/globalization, which made the World Bank, belong to the Lower Left Quadrant (LL). The policy incorporated in globalization requires agreements among the workers, financiers, and the governments, maybe different from before, fresher ideas compared before, which will result for the achievement of a more maintainable globalization. These agreements are included in those policies the World Bank has, which are almost the same as the required agreement included in the paradigm Friedman mentioned. Such example of these policies is their role of lending those countries having low incomes and giving them the opportunity to go worldwide. The World Bank also plays the role as the promoter of free markets, and to fight and lessen, and if possible eliminate poverty worldwide. As stated earlier, for the countries whose incomes are low, the World Bank plays its vital role to work together with the government of that country putting them in a place where the governance was of high-quality and strong, having efficient legal and judicial structures, and having vigorous financial composition. These policies are what being an “Integrationist-Social-Safety-Netter” must have, which, the World Bank possesses, making itself an Integrationist-Social-Safety-Netter, including it to the Lower Left Quadrant.
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