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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]
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]
The government's economic policies, shaped by the desire to attract foreign capital is criticised by some for causing a deterioration in the economic condition of the working class, which potentially leads to a cycle of reduced aggregate demand, further hurting the economy and making it subservient to the interests of foreign capital at the ...
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 idea of a new international economic order emerged from the experiences of decolonization after the Second World War. Newly decolonized countries gained political sovereignty but "felt that their de jure political colonization ended only to be replaced by a de facto economic colonization."
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.
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 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.