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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 interwove economies of very different nations, now coming apart as autocracies ally with the Kremlin and democracies stand with Ukraine. Op-Ed: As the world questions globalization ...
Hirst and Thompson note that globalization is an important topic, not only in economics, but also in the social, political and managerial sciences. There is much talk of the "global village" and it is often argued that a truly global economy has emerged, or is in the process of emerging.
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.
Some question the usefulness and legitimacy of globalization theory, arguing that it does not adequately conceptualize current international relations or function as a lens through which to examine everyday events. [11] Many scholars criticize globalization theories as overzealous toward and unrealistic about the extent of global integration. [12]
Advances in transportation, like the steam locomotive, steamship, jet engine, and container ships, and developments in telecommunication infrastructure such as the telegraph, the Internet, mobile phones, and smartphones, have been major factors in globalization and have generated further interdependence of economic and cultural activities ...
Hyper-globalization is the dramatic change in the size, scope, and velocity of globalization that began in the late 1990s and that continues into the beginning of the 21st century. It covers all three main dimensions of economic globalization , cultural globalization , and political globalization .
In an interview with Gerald Stearn, [16] McLuhan says that it never occurred to him that uniformity and tranquility were the properties of the global village. McLuhan argued that the global village ensures maximal disagreement on all points because it creates more discontinuity and division and diversity under the increase of the village ...