Characteristics of Globalization

Globalization is a recent phenomenon that has only been happening for the last sixty years.

The technology used to produce goods is uniform and does not vary based on the production location.

Globalization involves the integration and interaction of countries, companies, and people across the globe.

The current trend of globalization is referred to as the third great wave of globalization by Thomas Friedman.

Globalization primarily relies on physical infrastructure rather than information technology.

Globalisation is solely focused on economic rules that aim to maximize profits and productivity globally.

The expansion of social organisation in globalization centers around physical resources as the main source of productivity and power.

Globalization promotes the strengthening of trade unions and the welfare state.

National economic policy instruments like monetary policy and interest rates remain solely under the control of individual countries in the era of globalization.

In response to globalization, there is a decline in nationalism and cultural conflicts worldwide.