What is Globalization?
Globalization is a term used to describe the increasing connectedness & interdependence of world cultures & economies resulting from advancements in trade & technology. The number of people, money, material goods, ideas and even diseases & devastation involved is now increasing at a greater rate than ever.
How has Globalization evolved?
Columbus’s discovery of the new world in 1942 is the classically accepted start of globalization. Trade routes were established as early as The Silk Road between 50 B.C.E and 250 C.E. Early technological advancements included the creation of coins, roads and evolving agricultural & manufacturing practices. The Age of Exploration started as Europeans were developing new sea routes to access Asian products. Better ships & navigation led to more efficient contact with previously unconnected parts of the world. The Age of Revolution resulted from the exchange of ideas, starting with religion and including colonization, industrialization & conflict. The Information Age accelerated globalization. Computer & communications technologies redefined “connectivity” in the last century. Travel was simplified and made accessible to the masses. Suddenly, the world’s resources were relatively accessible.
What is the impact of Globalization?
A 2014 McKinsey study outlined the affects of near-instantaneous movement of goods & services, finance and people: Global flows are continuously growing and contribute to GDP growth. Developed economies are more connected than emerging markets. Knowledge sharing is going faster than capital or labour sharing. Digitization is a catalyst. Globalization is broadening and deepening as emerging markets join in. Global supply chains are becoming more fragmented. Traditional business models are being challenged by microscale activities overseen by individuals.
What does globalization mean for sustainable development?
There is ongoing segregation between developed and developing nations. Developing nations have contributed less emissions (per capita) to our atmosphere, yet face unequal socioeconomic pressure to reduce their impacts. The Organization for Economic Co-operation and Development (OECD) Development Assistance Committee (DAC) have committed to aligning official development assistance with the goals of the Paris Agreement. The Paris Agreement provides the roadmap for a global partnership in climate action.
