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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]
Globalization is commonly defined as the international movement toward economic, trade, technological, and communications integration and concerns itself with interdependence and interconnectedness. As a result of the interconnectedness brought on by globalization, languages are being transferred between communities, cultures, and economies at ...
The global supply chain consists of complex interconnected networks that allow companies to produce handle and distribute various goods and services to the public worldwide. Corporations manage their supply chain to take advantage of cheaper costs of production.
Represented global cultural interconnectedness, which eventually led to developments in transport and transport infrastructures such as jet airlines, construction of road and rail networks. This allowed for more tourism and shifting patterns of global migration.
The word stems from Manfred Lange, [6] head of the German National Global Change Secretariat, [7] who used "glocal" in reference to Heiner Benking's exhibit Blackbox Nature: Rubik's Cube of Ecology at an international science and policy conference. [8] [9] "Glocalization" first appeared in a late 1980s publication of the Harvard Business Review.
A version of this article appears in the June/July 2024 issue of Fortune with the headline, "Clusters of worry for world leaders.". This story was originally featured on Fortune.com
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.
Global economic interdependence has grown in the post-World War II period as a result of technological progress (e.g. computerization, containerization, low-cost travel, low-cost communications) and associated policies that were aimed at opening national economies internally and externally to global competition. [4] [5] [6]