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Glocalization or glocalisation (a portmanteau of globalization and localism) is the "simultaneous occurrence of both universalizing and particularizing tendencies in contemporary social, political, and economic systems". [1]
Globalization (North American spelling; also Oxford spelling [UK]) or globalisation (non-Oxford British spelling; see spelling differences) is the process of increasing interdependence and integration among the economies, markets, societies, and cultures of different countries worldwide.
His 1992 definition of globalization as "the compression of the world and the intensification of the consciousness of the world as a whole" [1] has been credited as the first ever definition of globalization, [2] though a more detailed analysis of the history of this term indicates it has many authors. [3]
New technology and form of communication around the world help to integrate different cultures into each other. Transportation technologies and services along with mass migration and individual travel contribute to this form of globalization allowing for cross-cultural exchanges.
Economic globalization is the intensification and stretching of economic interrelations around the globe. [3] [4] It encompasses such things as the emergence of a new global economic order, the internationalization of trade and finance, the changing power of transnational corporations, and the enhanced role of international economic institutions.
Economic globalization is one of the three main dimensions of globalization commonly found in academic literature, with the two others being political globalization and cultural globalization, as well as the general term of globalization. [1]
Salvatore Babones discussing sources used by scholars for studying political globalization noted the usefulness of Europa World Year Book for data on diplomatic relationships between countries, publications of International Institute for Strategic Studies such as The Military Balance for matters of military, and US government publication Patterns of Global Terrorism for matters of terrorism.
The definition thus implies that there were pre-modern or traditional forms of globalism and globalization long before the driving force of capitalism sought to colonize every corner of the globe, for example, going back to the Roman Empire in the second century AD, and perhaps to the Greeks of the fifth-century BC. [6]