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Globalization (North American spelling; also Oxford spelling [UK]) or globalisation (non-Oxford British spelling; see spelling differences) is the process of increasing interdependence and integration among the economies, markets, societies, and cultures of different countries worldwide.
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 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.
As globalization causes the lines between national and international to become blurred, it becomes increasingly important for citizens to understand global relationships. [18] The creation of effective Global citizenship results in people who are willing to, and have the capacity to become involved in local and global issues. In the UK, local ...
The World Is Flat: A Brief History of the Twenty-First Century is a 2005 book by American political commentator Thomas L. Friedman.It analyzes globalization in the early 21st century, suggesting that the world has a level playing field where countries, companies, and individuals need to remain competitive in a global market.
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. [9] This effort measured cultural flow by using global trade in media products (books, periodicals, and newspapers) as a proxy for cultural flow.
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 ...
The intensification of globalization led some writers to suggest that states were no longer relevant to global politics. [10] This view has been subject to debate: On the other hand, other commentators have been arguing that states have remained essential to global politics.