The two Competing Aspects of Globalization: The Optimistic and Pessimistic perspectives 1. Theoretical concepts of Globalizations Globalization is one of the most contested topics in the social sciences that have multiple theoretical and empirical meanings. The English language origin of the word ‘’globalization’’ can be traced back to the late 1920s. However the concept of globalization emerged in 1990s a crucial public debate relating to the spreading out and strengthening of social relation across world time and space. The historical literature of globalization was primarily focused on a global economic aspect, such as trade, foreign direct investment and international capital flows. But recently the term has been expanded to include broader range of areas and activities such as culture, media, technology, and societies, political and even biological factors. For example Financial Time Lexicon Dictionary defined it as a process by which national and regional economises, societies and cultures have become integrated through the global …show more content…
Economists, historians, and social anthropologists have postulated their own periods of its beginning. The economic historians have associated globalization with the advent of capitalism. They point out that globalization the turn of the 20th century is the heyday of globalization. Contrary to this dated globalization back to the down of history. According to historians globalization is not a new phenomena connected with the advent of capitalism, rather it has happened for thousands of years. They argued that globalization started after the first circum navigation of the early 1519 when people—and, later, corporations—have been buying from and selling to each other in lands at great distances, such as through the famed Silk Road across Central Asia that connected China and Europe during the Middle Ages