GLOBALIZATION AND POVERTY REDUCTION

Globalization and Poverty Reduction

Abstract

In this study we try to explore the concept of the Globalization and Poverty Reduction in a holistic context. The main focus of the research is on poverty reduction and its relation with Globalization. The research also analyzes many aspects of literature available previously. Finally the research describes various factors which are responsible for poverty and tries to describe its overall effect on aa economy.

Globalization and Poverty Reduction

Introduction

Globalization is the process of world populations becoming interconnected and interdependent. Globalization creates four major transformations. This deepening involves the rise of awareness that increasingly many parts of everyday life are connected with things that happen at a distance.

The conventional meaning of globalization involves two interconnected yet separate portrayals: the growth of a global economy and the rise of a global culture. Over the past two decades, however, globalization as a concept has become attached to diverse concepts such as crime, health, law, and trade. Globalization is tied to the growth of global trade—and to the establishment of a global economy. This global economy works in real time: Activities such as manufacturing take place without regard to the limitations of time and space.

Problem Statement

Globalization stretches social, political, and economic activities across the frontiers of communities, nations, regions, and continents. It intensifies the magnitude of the flows and networks of trade, investment, migration, and cultural transmission. The development of new worldwide transport and communication systems, globalization speeds up global interactions and diffusion of goods, ideas, capital, information, and people and the pace of the first three transformations deepen the impact of distant events on everyday life

Globalization and its types

Although globalization arose as a concept in the 1970s, the Canadian scholar Marshall McLuhan (1911-1980) coined the term global village in 1964 to denote faster and more intimate contact between individuals and communities brought about by the introduction of radio in the 1920s. Often globalization is confused with internationalization. But whereas in internationalization, “nation” remains the basic unit of understanding, in globalization the basic unit is the globe as a whole. Globalization, a related concept, is the local expression of globalization or the simultaneous presence of universalizing and particularizing tendencies. (Wile sky, 2002)

Cultural Globalization

The rise of multiculturalism and hybridization has added momentum to the feeling that cultures of the world are becoming mixed and are producing a new global culture. This version of globalization is real to some segments of every society; they have access to the same malls, McDonald's restaurants, Starbucks coffee shops, and MTV television channels in all corners of the world. The rise of a world in which the same television shows, the same Hollywood movies, and the same news channels are seen all over the world has led some to postulate the formation of a new global culture from which people can derive their point of reference. But the underlying belief in the discourse around cultural belief is that what is called “world culture” is, in fact, ...