Important Dimensions of Globalisation
Globalsation has various important dimensions which are a basic and important part for the study of Globalisation, International Business or Foreign Trade Management. Globalisation is a complex and multidimensional phenomenon. Here we are trying to explain the concept of dimensions of globalization. We are also giving some examples to simplify the concept.
4 Major Dimensions of Globalisation
Dimension 1: Political Globalisation
Local politics is important but global leadership also equally important. Political globalisation mainly focuses on the worldwide political system. It considers various factors such as size, rate of growth, complexity and nature.
Dimension 2: Economic Globalisation
Nowadays, Cross border transactions of Goods, Services, capital, technology, labour, Information and other things are increasing rapidly. Due to this, the interdependence of nations is increasing and now we can say, it’s almost impossible to survive for a country without import/export or cross border transactions.
- the emergence of a new global economic order
- the internationalization of trade and finance
- the changing power of transnational corporations
- the enhanced role of international economic institutions
Dimension 3: Cultural Globalisation
There are various factors which affect on cultural environment and trends of International Business. Some of them are attitude to wealth, marriage status and culture, family, religion, ethics, human relation, people to work etc.
Today we have the main question associated with cultural globalisation: Whether globalisation increases or decreases cultural diversity/homogenization.
Due to technological advancements, anyone can learn, adapt and share cultural values, beliefs and trends of other countries and people. We have seen lots of changes, may be positive or negative, in the culture of developing countries since the last few years.
Dimension 4: Ecological Globalisation
Ecological globalisation mainly considers ecological aspects. For example People and animal migration, Flow of river water, etc. You may find more details about ecological globalisation at eurekalert.org
This is all about important dimensions of globalisation viz. Political, Economical, Cultural & Ecological globalisation.