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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.
Yu Xintian noted two contrary trends in culture due to economic globalization. [72] Yu argued that culture and industry not only flow from the developed world to the rest, but trigger an effort to protect local cultures. He notes that economic globalization began after World War II, whereas internationalization began over a century ago. [73]
It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital.Economic globalization primarily comprises the globalization of production, finance, markets, technology, organizational ...
Pavlič, Breda and Cees J. Hamelink (1985) The New International Economic Order: Links between Economics and Communications. UNESCO. ISBN 92-3-102311-X; Prashad, Vijay. The Darker Nations: A People's History of the Third World. New York and London: The New Press, 2007. Rao, M. P. (2004) The "New International Economic Order"
Income inequality in India has been a major concern, especially since 2016. The top 10% of the population holds 77% of the total national wealth, with the richest 1% acquiring 73% of the wealth generated in 2017, while the poorest half of the population, about 670 million people, saw only a 1% increase in their wealth. [90]
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 ...
These countries continued to circulate their national legal tenders, exchangeable for euros at fixed rates, until 2002 when the ECB began issuing official Euro coins and notes. As of 2011, the EMU comprises 17 nations which have issued the Euro, and 11 non-Euro states. [17]: 473–474 [20]: 45–4 [23]: 7 [39]: 185–186
Academic literature commonly divides globalization into three major areas: economic globalization, cultural globalization, and political globalization. [ 12 ] Proponents of globalization point to economic growth and broader societal development as benefits, while opponents claim globalizing processes are detrimental to social well-being due to ...