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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.
The Lexus and the Olive Tree: Understanding Globalization is a 1999 book by Thomas L. Friedman that posits that the world is currently undergoing two struggles: the drive for prosperity and development, symbolized by the Lexus LS, and the desire to retain identity and traditions, symbolized by the olive tree.
World War I disrupted economic globalization, with countries adopting protectionist policies and trade barriers, slowing global trade. [7] The 1956 invention of containerized shipping and larger ship sizes reduced costs, facilitating global trade. [8] [9] Globalization resumed in the 1970s as governments highlighted trade benefits.
Archaic globalization describes the relationships between communities and states and how they were created by the geographical spread of ideas and social norms at both local and regional levels. [1] States began to interact and trade with others within close proximity as a way to acquire coveted goods that were considered a luxury. This trade ...
Taking into account the last available data for Armenia, trade openness is approximately 78% for 2021. [5] For trade-to-GDP ratio, the provided data for Armenia is from 1990 to 2021. The average value for Armenia during that period was 77.92% with a minimum of 54.54% in 2008 and a maximum of 112.43% in 1994.
Preyer and Brös provide a simple operationalization of trade globalization as "the proportion of all world production that crosses international boundaries". [2] Chase-Dunn et al. note that trade globalization is one of the types of economic globalization, and define trade globalization as "the extent to which the long-distance and global exchange of commodities has increased (or decreased ...
"First globalization" is a phrase used by economists to describe the world's first major period of globalization of trade and finance, which took place between 1870 and 1914. The "second globalization" began in 1944 and ended in 1971. This led to the third era of globalization, which began in 1989 and ended around the early 2020s. [1]