Globalization is a system that has contributed to the establishment of a single world society economically, politically, ideologically, socially, and culturally. Many scholars, including sociologists, economists, and political scientists analyzed and described globalization in detail. In general, globalization refers to the increasing integration of economies worldwide. This integration has played a role in the movement of goods, services, and capital across the international border, in addition to the movement of people and knowledge. According to sociologist Anthony Giddens, "globalization means that we all increasingly live in a world where individuals, groups and nations are interdependent."
Globalization has made the entire world a global village, bringing the world's peoples closer together and making them more interdependent. Three essential elements are observed in globalization: the free flow of goods, the free flow of information, and the free flow of labor. According to experts, it is a process that points to a beautiful development of information communication technology. Many believe that globalization is the addition of capitalism to build a global economic system. The impact of globalization in Bangladesh is positive and negative.
The impact of globalization on the economy of Bangladesh cannot be denied. Like the world's developing countries, our country also benefits from a borderless market. Our GDP has increased, and the garment industry is considered a means of earning foreign currencies. Export Processing Zones have been hugely successful in terms of investment, employment and exports. The expansion of the free market economy has led to the development of a relationship of dependence between this country and the rest of the world. As a result, there is no obstacle for Bangladeshi products to go to other countries. The free market economy has expanded through bilateral and multilateral relations.
Globalization is now primarily based on a robust technological foundation. The transfer of information via the Internet has created an instantaneous and interconnected world of information resulting in a 24-hour trading network. This technology has dramatically changed banking and financial activities. The role of globalization in developing the banking and insurance system is immense. Cooperation has brought about unprecedented changes in the banking and insurance systems. Various transactions of e-cash, e-banking, etc., of banks and insurance are being conducted through advanced technology. As a result, the quality of service is increasing, and the waste of time, labor, and money is decreasing.
Sports have been playing an essential role in the development of international relations. Many international sports events are organized every year, and these events are broadcast worldwide by satellite and are watched live by people worldwide. The playground became a gathering place for people from different countries, and they came closer, sharing opinions, views, and friendships. Bangladesh is also a beneficiary of this opportunity.
Like other developing countries, Bangladesh has identified education as the key to prosperity and progress. As a result of globalization, donor countries are contributing to our literacy rate and overall educational progress. Various international organizations have responded with their generous support in the field of education. Many informal schools are being run, and deserving students are taking advantage of foreign study scholarships.
Although globalization has primarily been linked to trade, commerce, and international relations, it has now contributed to other areas, particularly the exchange of culture. Satellite television channels and the Internet are bringing a variety of customs and practices to the country. Under the influence of globalization, global culture is gradually integrating with local culture, and different cultures are constantly interacting.
As a result of globalization, diversified companies and foreign investment have increased in Bangladesh. Due to the considerable investment in the industrial sector, a large number of factories have sprung up. As a result, colossal employment has been created in the country and abroad. Globalization has made Bangladesh's economy essentially dynamic.
Globalization has made a significant contribution to the export of human resources. Globalization is playing a beneficial role in human resource development and export. Especially the population of Bangladesh was once a burden. The skills and experience of the people of Bangladesh are now increasing through science and technology education, training, and technical and vocational education. As a result, they are moving to other countries to improve their fortunes, and in return, they are making a considerable contribution to the domestic economy.
Some adverse effects of globalization are also observed in Bangladesh's society. As a result of globalization, the social system in Bangladesh is changing very fast. Family breakdown, divorce, separation, old age problems, drug addiction, terrorism, and militancy are increasing daily.
The impact of globalization is causing severe damage to the environment of this country. Multinational companies have set up most of their factories and manufacturing plants in other underdeveloped countries, including Bangladesh, to make more profit, but waste is not being treated scientifically. Besides, urbanization and industrialization are polluting the environment.
Due to globalization, the influence of the so-called improved lifestyle, clothing, eating habits, communication system, etc., in the western world has created a kind of instability in public life. As a result, human values are changing, and social discipline is declining due to changing values.
As a result of the free-market economy, the developed world freely markets products, technologies, and services in developing countries, including Bangladesh. In this case, local or domestic production, technology, and service sectors are getting sick and losing because they cannot compete.
One of the inevitable realities of the modern world is globalization. Globalization continues to influence society, politics, economy, and culture. This effect is sometimes positive and sometimes negative. However, globalization has brought a lot of momentum in different areas of human life. Communication, travel, transportation, import-export, and exchange of information from one country to another have become much more manageable. Above all, the wheel of development is turning fast.
The writer is a columnist