Globalization is a term used to describe the increasing connectedness and interdependence of world cultures and economies. It is driven by the convergence of cultural and economic systems, which promotes increased interaction, integration, and interdependence among nations. Globalization is like technological progress, as both disrupt some livelihoods while enlarging the economic pie and opening up new and better opportunities.
Some key features of globalization include:
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International exchange: Globalization rests upon the growth in international exchange of goods, services, and capital, and the increasing levels of integration that characterize economic activity.
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Increased interconnectedness: Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies, or cultural practices) all over the planet.
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Economic activity: Importantly, it is economic activity that is the fuel and furnace of cross-border integration.
Globalization has benefits that cover many different areas. It reciprocally developed economies all over the world and increased cultural exchanges. It also allowed financial exchanges between companies, changing the paradigm of work. Many people are nowadays citizens of the world. The origin of goods became secondary and geographic distance is no longer a barrier for many services to happen. However, there is substantial debate about its definition, significance, and how it shapes our world.
