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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 the process of increasing interdependence and integration among the economies, markets, societies, and cultures of different countries worldwide. This is made possible by the reduction of barriers to international trade, the liberalization of capital movements, the development of transportation, and the advancement of information and communication technologies. [1]
The term global governance is broadly used to designate all regulations intended for organization and centralization of human societies on a global scale.Global governance has also been defined as "the complex of formal and informal institutions, mechanisms, relationships, and processes between and among states, markets, citizens and organizations, both inter- and non-governmental, through ...
Our Global Neighborhood is the report of the Commission on Global Governance, [1] issued in 1995, advancing the view that nations are interdependent and calling for a strengthened United Nations. It was vigorously criticized by The New American magazine, John Birch Society , and other advocates of national sovereignty .
Global public sphere is, therefore, a public that is made of people from across the globe, who come together to discuss and act on issues that concern them. [30] The concept of global public sphere is linked to the shift of public sphere, from restricted to nation-state, to made of individuals and groups connected across as well as within borders.
Global change in a societal context encompasses social, cultural, technological, political, economic and legal change. Terms closely related to global change and society are globalization and global integration. Globalization began with long-distance trade and urbanism. The first record of long distance trading routes is in the third millennium BC.
The concept of global cultural flows was introduced by anthropologist Arjun Appadurai in his essay "Disjuncture and difference in the global cultural economy" (1990), in which he argues that people ought to reconsider the Binary oppositions that were imposed through colonialism, such as those of ‘global’ vs. ‘local’, south vs. north, and metropolitan vs. non-metropolitan.
Globalization is now thought of as an important concept to understanding the world. Certain schools believe it is important to discuss global issues as young as 5 years old. It is students who are our future; therefore understanding the concept of "think globally, act locally" is fundamental to our future. [14]