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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.
One attempt to do so was the Cultural Globalization Index, proposed by Randolph Kluver and Wayne Fu in 2004, and initially published by Foreign Policy Magazine. [10] This effort measured cultural flow by using global trade in media products (books, periodicals, and newspapers) as a proxy for cultural flow.
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 ...
Globalization is sometimes perceived as a cause of a phenomenon called the "race to the bottom" that implies that to minimize cost and increase delivery speed, businesses tend to locate operations in countries with the least stringent environmental and labor regulations. Pressure to do this is increased if competitors lower costs by the same means.
The term is used in a specific and narrow way to describe a position in the debate about the historical character of globalization, such as whether globalization is unprecedented or not. For example, this use of the term originated in, and continues to be used, in academic debates about the economic, social, and cultural developments that is ...
Global village describes the phenomenon of the entire world becoming more interconnected as the result of the propagation of media technologies throughout the world. The term was coined by Canadian media theorist Marshall McLuhan in his books The Gutenberg Galaxy: The Making of Typographic Man (1962) and Understanding Media (1964). [1]
Globalization has largely displaced the North–South divide as the theoretical underpinning of the development efforts of international institutions such as the IMF, World Bank, WTO, and various United Nations affiliated agencies, though these groups differ in their perceptions of the relationship between globalization and inequality. [8]