Socioeconomic Features and Phenomena in the Age of Globalization

1122 Words5 Pages
Globalization has not been a new phenomenon, it takes a number of forms in the contemporary world which mark it off, quantitatively and qualitatively, from its antecedents. It can be understood as a set of technology, institutions and networks operating within and at the same time transforming contemporary social, cultural, political and economical spheres of activity (Schirato and Webb, 2003: 10 & 21). Sociologically, the idea of globalization has a long history and such term can be found within classical Marxist Sociology which refers to capitalism as a global process. According to Marx, the development of capitalist social relation is the key factor leading to the associated social, political and cultural changes on global scale. Even nowadays, globalization is often portrayed solely as a result of economic phenomenon. Nonetheless, globalization itself is a contest term and it has become an influential of sociological idea as it can bear different meanings and varying levels of significance, depending on which theoretical perspective that underpinning the analysis in question. Different perspectives on globalization relate to differing and potentially competing issues, whether these issues are pro- or anti- globalization in principle. Simply speaking, globalization refers to the fact that human society all increasingly live in one worldwide system, so that individuals, groups and nations become interdependent and interconnected (Giddens, 2006: 50). The most obvious phenomenon has been in terms of economic globalization during the era of the rising of neo-liberal doctrines and institutions which can be illustrated by the activities of global organization such as World Bank, IMF, WTO and other Transnational Corporations (TNCs). Since the dissolution of the former Soviet Union and the demise of socialist states in Eastern Europe, free market economics coupled
Open Document