Importance Of Globalization And Sustainable Development

Globalization means the process whereby geographical distance becomes a less important factor in the establishment and development of cross-border economic, political and socio-cultural relations. Networks of relationships and dependencies acquire a growing potential to become international and world-wide. Initially globalization was seen as a widening, deepening and accelerating of the interconnection on a worldwide scale of all aspects of contemporary social life, from culture to criminality, from finance to the spiritual sphere. Today, the term globalization has almost become cliché with time and a new concept has emerged with globalization known as sustainable development to ensure that economic growth is also socially just and environmentally sustainable. Indeed, the topic “Globalization and sustainable development", is at the top of today’s international agenda, covering a wide range of issues, such as, inter alia, trade, development, environment, resources management, development cooperation, international governance. In this sense, globalization and sustainable development have evolved as two sides of a common vision of our future. Sustainable development has been adopted by the United Nations as a guiding principle for …show more content…
Because of globalization, foreign trade in goods and services, capital, technology and labour all move more freely across borders. In addition to economic gains, there have been significant benefits in the areas of culture and governance too. Public awareness in issues such as human rights, democracy and gender equality has increased significantly because of the greater access to newspapers, radio, television, telephones, computers and the internet. These developments have arguably led to improved allocative efficiency which in turn has enhanced growth and human