Business and the Economy
Many scholars have theorized about the concept of globalization. One such scholar is Waltz Kenneth who is famous for the interdependence theory. Waltz contends that globalization is the interdependence of ideologies. He further adds that interdependence is associated with peace and by extension the economy. In his concept of globalization, more importance is given to people, markets and firms rather than to political states. The world becomes increasingly interdependent to one another and consequently, decisions are made from the perspective of a collective whole in the economic arena rather than independently in the political state (Jones, 2010, pp. 52).
Another major theorist of the concept of globalization is Robinson. The theorist argues that globalization is about the spread of capitalism throughout the world. He argues that due to the increasingly relevant and defined nature of the global economy, the emergence of the new elite based on capitalist strength has specialized and globalized the process of capitalist production and replacement of protectionist economies with trade. Robinson adds that this has resulted in the integration of national economies resulting in uniformity across borders in both the economic and social perspective (Dillon, 2010, pp.203).
Localization
Localization is an antithesis of the concept of globalization. It involves supportive internationalism that entails the flow of technologies, ideas, information, goods and money aimed at building sustainable local and national economies. The concept of localization is biased towards the local investment and production whenever it is reasonable and conveniently feasible. The term local assumes different meaning as it pertains the concept of localization. Whereas some economies are big enough to attempt self reliance with their territory, other economies conglomerate within a region in order to pool the resources together towards the common goal of self reliance (Pym, 2004, pp.19).
Various theorists have conceptualized ideas that have similar meanings. They include bioregionalism and bioregional development. However, the main theorists of the concept of localization are Shuman and Hines. They defined economic localization as the processes and results of political, moral and practical support for locally created and owned businesses, use locally available resources, employ local labor and serve the needs of local resources. This is collaborated by the economics of Keynes that encourage the use of local materials and local labor to produce for consumption by the locals in order to ensure self reliance whenever it is economically and sensibly feasible.
Glocalization
Glocalization refers to the adaptation of a finished product or service to each culture or locality in which the produce is sold. The main theorists were two Japanese economists; Han song and Phillip Hong. As theorized by the two economists, glocalization matches up with the incorporation of local markets into the global capitalism. The concept developed from Japanese business practices. From a Japanese word that meant adapting various farming techniques to prevailing local conditions, the two theorists refined the concept to provide a link between the local markets to the regional, national and global environment.
The concept is closely related to globalization. However, while the concept envisages attributes that make a place or idea universal, there are other attributes that make it particular. The concept has been faulted in many business circles. Critics say that it encourages flow of innovation in only one direction; that is from the multinational to the local consumers (Mendis, 2007, pp. 153). They argue that it results to adulteration of products that are initially developed for the developed economies for consumption in the underdeveloped economies mainly by substitution and de-featuring.
References
Dillon, M. 2010. Introduction to sociological theory: theorists, concepts, and their applicability to the twenty-first century. Chichester, U.K., Wiley-Blackwell.
Jones, A. 2010. Globalization: key thinkers. Cambridge, UK, Polity.
Mendis, P. 2007. Glocalization: the human side of globalization as if the Washington consensus mattered. Morrisville, N.C., Lulu Press.
Pym, A. 2004. The moving text: localization, translation, and distribution. Amsterdam [u.a.], Benjamin.
