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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.
Globalization (or globalisation) – processes of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. [1] Advances in transportation and telecommunications infrastructure, including the rise of the Internet , are major factors in globalization, generating further interdependence ...
Chart of the world's gross domestic product over the last two millennia. The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic action that together facilitate international flows of financial capital for purposes of investment and trade financing.
Globalization is a process that encompasses the causes, courses, and consequences of transnational and transcultural integration of human and non-human activities. India had the distinction of being the world's largest economy till the 17th century, as it accounted for about 32.9% share of world GDP and about 17% of the world population.
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]
Globalization can be seen as a new form of colonization or imperialism, as economic inequality and the rise in unemployment have followed with its implementation. Globalization has been criticized for benefiting those who are already large and in power at the cost of endangering the countries’ indigenous population.
The No-Nonsense Guide to Globalization is a book by Wayne Ellwood, an editor for the New Internationalist. It was first published in 2001 by Verso Books. It covers topics such as globalization around the world, the Bretton Woods Institutions, developing countries' debt, poverty, the environment, and possible means of redesigning the global economy.