Introduction 

Globalization is a concept that most of the people are familiar with. According to Daniel W Drezner, globalization is the cluster of economic, political and technological processes that significantly reduce the barriers relating to the economic exchange that takes places across the borders. In the recent decades, the concept of globalization has drastically changed and it has even altered the power of national governments to regulate their national economies (Princeton University Press, 2018)

The fundamental purpose of the essay is to understand the difference between the globalization of the past and the contemporary globalization. A number of theoretical frameworks have been used here for the purpose of getting a better grasp on the globalization topic. In order to understand the difference between the globalization concept of the past and the globalization of the current times, it is necessary to get an insight into the history of globalization (Chase-Dunn & Lerro, 2016). This concept has vital relevance in the marketing scenario because it influences the way in which nations conduct their marketing activities and generate revenue. The globalization has a key impact on the developing nations, developed nations and the underdeveloped nations. As per Drezner, the key powers in the globalization context include the United States of America and The European Union (Princeton University Press, 2018)

Some of the key characteristics of globalization include the increased interdependence between nations and increase in the cross-border transactions of commodities, services, ideas and behavior. Thus globalization makes the national societies become sensitive and vulnerable to one another’s actions and processes. Thus the globalization concept helps to shrink the world so that all the marketing operations can be conducted on a single platform. 

The brief history of Globalization 

The concept of globalization was first introduced in the 16th century by the European empire. Today, this socio-economic term is synonymous with the economic growth and development of a nation. But in the past, the process of globalization had started when people from specific parts started moving to different parts of the world. During the inception of the globalization concept, it could be observed in trade activities which ultimately led to the creation of interlinked nations and states (Nayak, 2016). The globalization phase between the years 1850 and 1945 is known as the modern globalization era. It was during this time when new technologies and large migration wave started. These elements acted as the main catalysts and increased the power of globalization at the global stage. The current times can be described as the “contemporary globalization phase” The various forms of innovation, technological advancement and establishment of global governance institutions such as European Union (EU), United Nations (UN), and International Monetary Fund (IMF) have transformed the globalization context have played a major role to strengthen the concept of globalization. The various stages of globalization show that the concept has undergone significant change in the past decades due to the evolving macro setting and micro setting. 

School of Thoughts 

Various schools of thoughts have come into existence for the purpose of analyzing the complex globalization phenomenon. Fundamentally there are three waves of globalization namely the hyperglobalist wave, the sceptical wave and the transformationalist wave. According to the article “Globalization: Theoretical perspectives, impacts and institutional response of the economy” by Zoran Stefanovic, the hyperglobalists view globalization as an irrepressible process that results in the world order based on the market and the supranational institutions (Stefanovic, 2008). The technology and capitalism are believed to be the driving force of globalization. According to the sceptics, the national governments play a vital role in the globalization context. The process is believed to be just another phase that helps in the expansion of the Western imperialism.  

As per the transformationalists, the globalization process is the result of human actions. The role and responsibility of the nation-state are drastically altered but it is not entirely eroded.  It can be stated that the globalization process is fundamentally driven by trade and capitalism. The geography plays a vital role in the globalization process (Agnew, 2017).  

All these schools of thoughts on globalization exist so that the unique phenomena can be understood from different perspectives and outlook. All these arguments on globalization highlight the impact of globalization on the national market, global market and the world people. 

Global Governance and Global Media 

The concept of global governance encompasses the authority relationships that are put in place for the purpose of monitoring, enforcing and amending the transnational rules and regulations. According to Drezner, this model primarily involves different hard laws, soft laws, treaties, declarations and recommended codes of conduct (Princeton University Press, 2018). The ultimate intention is to empower the nations that take part in the globalization process. This governance model makes sure that the trade affairs are conducted in a smooth and hassle-free manner. Some of the key participants that are responsible for the global governance include the European Union, the International Monetary Fund and the United Nations Security Council (UN). With the changing time and changing globalization process, the role of these institutions has gained high relevance at the global market platform. These bodies make sure that the fundamental human rights and environmental protection models are followed in the globalization process (Baylis, Smith & Owens, 2017).   

In order to monitor the effectiveness of the governance model, the global media plays a vital role. It adopts suitable surveillance techniques so that the local needs and global needs of different nations can be efficiently and effectively met. The global media ensures that the local members and global members get a chance to meet one another through the regular televised broadcasts. 

Globalization from above, Anti-globalization and Alter-globalization 

People have different views about globalization which can be categorized into the globalization from above, anti-globalization and alter-globalization. The globalization from above is generally associated with capitalism or neoliberalism. The major benefits are enjoyed by the most powerful states and corporate and wealthy individuals. Anti-globalization states that the globalization process leads to uneven distribution of wealth and resources (Beck, 2015). In fact, globalization is seen as a threat to the local society and national economy. The chief concerns of the anti-globalists include environmental degradation, imperialism, export of poverty and brain drain. As per the believers of alter-globalization, the globalization is a constructive process that defends the local interest. It strengthens the global interaction and cooperation. In spite of the changing times, all these views about globalization exist even today. 

Globalization and Power Asymmetries

The main cause of globalization is the European colonial conquest and exploitation. In the recent years, the globalization process has allowed nations to prosper but it has also led to “under development” of various nations. In India, the negative consequences of globalization can be observed (Dancygier & Walter, 2015). The economy was specifically designed to meet the needs of the British people instead of the Indian people. Due to the globalization, Indians were forced to specialize in the operations relating to the export of raw materials, agricultural commodities and import the manufactured goods from Britain.  As per Sankaran Krishna, the textile industry in India was totally wiped out due to the cheap machine-made imports from the British.  

The “subaltern” concept was coined by Antonio Gramsci which fundamentally represented the oppressed groups in the society. This concept was developed so that the voice of the oppressed people in the society could be heard. According to the “Orientalism” book by Edward W Said, the West has a significant power over the rest of the world. Another vital impact of globalization is the export of poverty and this has affected women to a large extent (Said, 1985). The manufacturing jobs have been substituted by poorly-paid jobs and this has significantly affected women in the labor market. Thus with the evolution of globalization, it has had both positive impact and adverse impact on the market players and the general people. 

Theories of the Nation 

In the current age of globalization, the role of national-states and national identities is indispensable because it strengthens the process of globalization. A number of theories of the nation have been introduced by numerous authors. As per primordialists and perennialists such as Smith, nations are the result of the continuous evolution and development of the society (Jessop, 2015). The traditions and heritage form an important part of the nations which cannot be separated easily. According to the constructivists or modernists like Anderson and Hobsbawm, a nation is regarded to be a traditional setting that has its unique habits and rituals. But these elements have become traditional and redundant due to the modernization of the nations. 

These theories of the nation have undergone change due to the changes in the external setting and the change in the globalization process. In the former times, the “nation-state” concept had come into existence that fundamentally referred to a political community. According to Smith, the national-state has been defined as a state that claims to be the nation. This concept rapidly spread all across the globe during the World War II. It even led to the formation a large number of modernist nation-states (Ramarajan, 2014). But this concept is sometimes considered to be small to cope with the global economic, cultural and political flows issues. At other times, the nation-state concept is regarded to be large in scope which fails to represent the needs of requirements of different communities. 

Impact of contemporary globalization on nations 

In the contemporary globalization context, it has been observed that the globalization process gives rise to a number of challenges in the economic, political, socio-cultural and environmental context. According to the journal “Globalization, contemporary challenges and social work practice” by Lena Dominelli, globalization is a concept that creates new kinds of issues for practitioners such as environmental issues, people-trafficking, etc. (Dominelli, 2010). The main economic challenges that a nation faces due to globalization include the growing economic interdependencies, the influence of capitalism and the world market. The political challenges that have come to the surface due to the contemporary globalization include the rise of supra-national institutes like EU, UN, etc, diminished power of nations to control the policy. The main socio-cultural impact is the migration and multiculturalism. Due to the contemporary form of globalization, a number of environmental issues have come to the surface that spread beyond countries. 

The innovations and changes that have taken place in the global market setting have impacted the global market setting as well as the nations that are involved in the process. According to Dicken, the global policies that govern the globalization have been referred as the “web of interdependence” (Carnegiecouncil.org, 2018). The three fundamental kinds of institutions that play a major role in the globalization context include the national governments, international governments and NGOs (Ramarajan, 2014). According to the publication “Challenges of Globalization” by John Sewell, in order to tackle the main challenges that arise due to globalization, it is necessary for the national governments, civil societies and other political actors to play an active role (Carnegiecouncil.org, 2018). In the digital era, their participation is necessary to ensure that the key benefits of globalization extend to all the nations that are involved in the process. Since a large number of micro factors and macro factors come into play in the globalization setting, the active involvement of the basic institutions is a key necessity to the process. 

Cultural Diplomacy and Soft Power 

In the globalization context, the soft power plays a crucial role because it can be used to convince people to get familiar with others’ norms and institutions so that the desired behavior can be encouraged in the process. Nye, the authors have stated that the soft power acts as an effective tool that can be used to share one’s idea to shape others’ preferences and opinions (Keohane & Nye, 1977). 

In the contemporary globalization setting, the public diplomacy can play a vital role to increase the familiarity, strengthen the appreciation, influence people’s behavior and thus engage people. There are fundamentally three dimensions of public diplomacy namely managing the communication on the daily issues, strategic communication model and developing long-lasting relationships with key countries and states (Dancygier & Walter, 2015). According to Americans for the Arts, the cultural diplomacy has been defined as the exchange of information, ideas, art and other aspects of culture among different nations and their people. In the rapidly evolving globalization context, the concept is of high relevance (Americans for the Arts, 2018). This two-way exchange model helps to foster mutual understanding among people at the global level. This concept came into existence in France in the 19th century and soon it spread to different parts of the globe due to media such as Hollywood and BBC. In the evolving globalization scene, these aspects play a significant role because they influence the transactions that are conducted at the global scale between the involved countries. Such an approach helps to mitigate the issues relating to place and time Americans for the Arts.  

Cultural Globalization 

The new form of globalization has created a new global culture or identity that focuses on mass consumerism and advertising. As per the article “Globalization Enhances Cultural Identity” by Yi Wang, the globalization process enhances the cultural identity. In the new era of globalization, the people have become more concerned about the unique attributes of their culture (Wang, 2007). In terms of economic development or science and technology, globalization reflects some form of the theory of convergence. If one puts on a pessimistic lens, one would say that the globalization process leads to the hegemonic control. But if one puts on an optimistic lens, it can be stated that globalization creates a sense of togetherness in the global market setting. Due to the changed globalization process, the traditional approaches have been replaced by rational approaches (Dancygier & Walter, 2015).

. The most innovative models and technological processes are adopted by global business undertakings so that they can effectively adapt to the evolving globalization process. The government and other non-profit organizations can play a key role to strengthen the global culture and beliefs. A key strategy that has been observed in the current phase of globalization is known as “national branding”. It is the process in which brands plan, design and communicate the name and identity of their nation for building and strengthening their reputation (Pagel, 2018). The fundamental objective is to advocate customer loyalty by association. As per the rationalization theory by Weber, in the contemporary globalization context there is high focus on control, efficiency and speed (Narula, 2014).  

The concept of “Globalization” 

In the current times, a new concept has come into existence known as “globalization”. It is basically the combination of the words “growth” and “globalization”. The concept of globalization was introduced by George Ritzer so that the main focus could be on the power, influence and profit generating capacity of countries and organizations (Ritzer, 2007). In the current setting, the objective of the transnational corporations (TNC) is to expand globally and strengthen their presence in different regions of the world. Thus their fundamental aim is to upgrade their power and influence in the global market context. In the highly dynamic globalization environment, the main strategic modes that are adopted by TNC include functional integration, global sourcing model and geographical flexibility. It has been observed that in the rapidly evolving globalization setting, these TNCs exploit the less developed nations and try to take advantage of their environmental regulations, and technology. 

Alternative Economies 

Globalization is a crucial process that has existed and is most likely to exist for a long period of time.  The global economy does not have the ability to penetrate all the localities that exist in different parts of the world. There are various kinds of alternative economies that business undertakings must take into consideration while operating in the global market setting. The solidarity economy can be defined as the alter-globalization movement which is basically an oppositional economic and political network. This economy has come into existence against neoliberalism and capitalistic globalization (Rodrik, 2014). Similarly, the creative communities are another form of alternative economies that are fundamentally driven by social innovation and technological changes. In order to adapt to the changing market setting, there is need for the market participants to take into consideration the alternative economic settings so that the business operations can be conducted in a smooth manner. 

For the sustainable existence of nations, organizations and other bodies, it is necessary for them to take into consideration the micro elements and the macro elements that have an influence on their operational processes (Rodrik, 2014). Such an approach can help these undertakings to adapt to the changing business setting. It is necessary to take into account the various kinds of changes that take place in the technological setting, innovation setting and national-setting so that the most effective strategic models can be created in the process. Globalization is a vital concept that needs to be carefully assessed by the operational business undertakings so that they can have an admissible existence in the competitive setting. 

Conclusion 

In the contemporary globalization phase, the changing setting and its components play a vital role to influence the transactions that are conducted at the global level. The significance of cultural diplomacy and soft power has got enhanced in the age of the internet. Due to the rapidly changing technological setting, the virtual engagement process has got simplified. It can be rightly stated that the globalization concept is there to stay in the global market setting. Even though the model has undergone various forms of changes in the past decade, the objective is to unify the market setting so that organizations and individuals can actively participate in the process. Due to the influence of the globalization concept, the global culture has come into existence. This culture connects the people and nations at the global scale and makes a genuine attempt to link their practice of consumption.

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