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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]
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.
Think of it like installing fire sprinklers in stages. If a fire breaks out, maybe you only lose half of the building—so your loss event becomes smaller over time. Future adverse events are a ...
Elements unique to glocalization under this umbrella include the idea that diversity is the essence of social life, that not all differences are erased, history and culture operate autonomously to offer a sense of uniqueness to the experiences of groups (whether cultures, societies or nations), glocalization removes the fear that globalization ...
Globalization can be seen as a new form of colonization or imperialism, as economic inequality and the rise in unemployment have followed with its implementation. Globalization has been criticized for benefiting those who are already large and in power at the cost of endangering the countries’ indigenous population.
Within the global village framework, individuals transcend the micro-, meso- and macro-dynamics of their life on a daily basis. Individuals tend to get involved in complex communities of networks stretching worldwide. The increasing density of electronically established and maintained human interconnections can form new socially significant ...
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 ...