Globalization refers to the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. The concept of globalization became popular after the collapse of Communism in the Soviet Union and Eastern Europe. It is, in fact, the victory of capitalism and means trade without restriction, free movement of capital, and technology and the operation of a completely free market economy. Strangely, and understandingly, it does not sanction free movement of labor, from one country to another.
Globalization, in the first place, opens up new markets and provides opportunities for investment to industrialists and businesspersons. Thus, if we make a rosy interpretation of this aspect of globalization, capital would flow free from the developed countries like the US, UK, France, Germany, and Japan into the developing states like Bangladesh, Burma, Ethiopia, and Peru. This capital plus the labor force available in these countries would make possible an industrial and agricultural revolution never heard of earlier. However, this does not happen. The capital flows to multinational companies having their branches in the developing countries, and this capital is used to purchase raw material at very low prices to send it to developed countries.
Globalization can work wonders, in the industrial and commercial sense, if the working classes in the developing countries are educated and trained with foreign capital and with the money of feudal lords and capitalist inside. Then, the thousands and millions of laborers, workers, and farmers can be invited to the advanced countries to get educated and to learn modern industrial and agricultural techniques on an international level.
Secondly, globalization means free trade or the lifting of restrictions of duties and taxes on imports and exports. It does not sound sensible on the part of the developed countries to open the free flow of their perfectly produced goods into the markets of the developing states where the same goods are either inferior or expensive. This kind of free trade will result in depressed sale of native goods, closure of factories, and unemployment of the labor class in the less developed countries.
If the develop countries transfer their scientific methods and technologies to the developing countries generously and start educating the common people devotedly, the coming into force of “true globalization” sometime in future will become possible. Until the developing states come up to the develop world sociologically, economically and politically, it will be impossible to have one world economy and social system.
The developing or backward world looks with suspicion and awe at the globalization plans of the developed world. It is time the governments of developing countries to the wakeup to the realities of the world situation and takes revolutionaries steps to take away the wealth and resources from the hands of the corrupt minority to spend on the education, training, and progress of the masses. It is time they start acting on economic programs to construct dams, produce cheap electricity, and to increase agricultural and industrial production for the general uplift of the society.