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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]
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In economics, the new international division of labour (NIDL) is an outcome of globalization.The term was coined by theorists seeking to explain the spatial shift of manufacturing industries from advanced capitalist countries to developing countries—an ongoing geographic reorganisation of production, which finds its origins in ideas about a global division of labor. [1]
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 ...
The historical origins of globalization (also known as historical globalization) are the subject of ongoing debate. Though many scholars situate the origins of globalization in the modern era (around the 19th century ), others regard it as a phenomenon with a long history, dating back thousands of years (a concept known as archaic globalization ).
East Africa is the fastest growing region in Africa. [4] The region has also seen rapid growth in tourism with Tanzania and Kenya pioneering tourism due to safari parks. Nairobi and Addis Ababa are the main financial hubs in East Africa. [5] Ethiopia and Kenya account for 55% of East Africa's GDP. East Africa accounts for 18% of Africa's GDP.
However, complete substitution between factors of production and commodities is only theoretical, and will only be fully realized under the economic model called the Heckscher–Ohlin model, or the 2×2×2 model, wherein there are two-countries, two-commodities, and two factors of production. While the assumptions of that model are unlikely to ...
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.