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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 (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.
While economic globalization has been in expanding since the emergence of trans-national trade, it has grown at an increased rate due to improvements in the efficiency of long-distance transportation, advances in telecommunication, the importance of information rather than physical capital in the modern economy, and by developments in science ...
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 ...
Yet this data obscures a new reality: The U.S. is undergoing a transformative shift away from the full embrace of globalization, toward a more deliberate focus on localization.
A visible aspect of the cultural globalization is the diffusion of certain cuisines such as American fast food chains. The two most successful global food and beverage outlets, McDonald's and Starbucks , are American companies often cited as examples of globalization, with over 36,000 [ 5 ] and 24,000 locations operating worldwide respectively ...
Having criticized a strong version of the globalization thesis, Hirst and Thompson identify five major characteristics of the international economy that they wish to emphasize. The most important economic (and other) relationships are still those between the most developed market economies.
The term "Global South", in contrast, was intended to be less hierarchical. [4] Compared to the alternatives, the term has been deemed useful as it constitutes a lens through which this group of countries keep seeing and narrating their problems in a distinctive way vis-à-vis “developed” countries in Europe, North America and Asia. [21]