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World citizen badge. Global studies – interdisciplinary and multidisciplinary academic study of globalizing forces and trends. Global studies may include the investigation of one or more aspects of globalization, but tend to concentrate on how globalizing trends are redefining the relationships between states, organizations, societies, communities, and individuals, creating new challenges ...
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.
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.
Globalization is sometimes perceived as a cause of a phenomenon called the "race to the bottom" that implies that to minimize cost and increase delivery speed, businesses tend to locate operations in countries with the least stringent environmental and labor regulations. Pressure to do this is increased if competitors lower costs by the same means.
These diagrams depict elements as points in the plane, and sets as regions inside closed curves. A Venn diagram consists of multiple overlapping closed curves, usually circles, each representing a set. The points inside a curve labelled S represent elements of the set S, while points outside the boundary represent elements not in the set S.
Paradoxically, foreign trade grew at a much faster rate during the protectionist phase of the first wave of globalization than during the free trade phase sparked by the United Kingdom. [2]: 76–77 Unprecedented growth in foreign investment from the 1880s to the 1900s served as the core driver of financial globalization.
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Cultural globalization is one of the three main dimensions of globalization commonly found in academic literature, with the two other being economic globalization and political globalization. [7] However, unlike economic and political globalization, cultural globalization has not been the subject of extensive research. [4]