Globalization, Multinational Organisations and Cultural Aspects Assignment

Globalization, Multinational Organisations and Cultural Aspects - Assignment Example The concept of globalization gained momentum in the 1990’s with the onset of internet. The advance in information technology which has transformed the way of communication and advancements in the transportation system along with a whole battery of other factors have played a pivotal role in the spread of globalization. The concept of globalization has entered almost in all areas of our lives be it business, language, education, culture, lifestyle and other psychological and social behavior patterns. This proliferation of globalization has totally changed the concept of business, and its role not only in defining the respective economies, but also shaping cultural, political and social values. It is argued that we are fast losing our unique identity. Global identity has transcends all geographic boundaries and has defined mass behavior and consumption patterns. The growth of Multinational organizations which was first restricted to a few countries in the post modern era has tra nscends all geographical boundaries and resulted in globalization; globalization of businesses, economies, societies and even to some extent, globalization of human capital. This paper aims at studying the nature of globalization and its impact on the economy, politics, cultural and social values. Is global perspective sensitive to cultural diversity and social inequalities? What are the role and behavior of multinational organizations and their implications with special reference to cultural dimensions? What is Globalization? The term globalization can be traced back to 1960’s but it became the buzz word only in the 1990’s. By the end of the first decade of the twenty first century there are millions of references available in virtual and physical form making it the most contested topic. Globalization is argued as the most contested concept that refers to the shrinkage of time and space. Manfred Steger defined globalization as â€Å"A social condition characterized b y tight global economic, political, cultural and environmental interconnections and flows that make most of the currently existing borders and boundaries irrelevant.† There can be many different social manifestations of globalization. One perspective can be about individualism, competition and capitalism while other can be about cooperation and communal norms. It gives globalization an indeterminate character. The term globalization refers to a social process that transforms our present social identity that is bounded with nationality into a global identity. What we observe today is global cities like New York, London, and Tokyo etc that has transcended regional, local and national boundaries. This global imagery is growing people’s perception of belonging to a global community (Steger, 2009). What we are experiencing right now is a period of global change. People all around the globe are affected by common economic, political and social and environmental changes. Hence globalization has economic, social and environmental dimensions. These global changes include increased competition, fluctuating interest rates, advancements in technology, ecological and climate changes, the fall of communism, rise of China, and the growing ethnic