5 Questions
When did the term 'globalization' come into popular use?
In the 1990s
What does globalization primarily involve?
Economic process of interaction and integration
What technological advancements contributed to the origins of globalization?
Advances in transportation and communications technology
What has the increase in global interactions caused?
A growth in international trade and the exchange of ideas, beliefs, and culture
What does the expansion of global markets do?
Liberalizes the economic activities of the exchange of goods and funds
Study Notes
Origins of Globalization
- The term 'globalization' came into popular use in the 1990s.
Characteristics of Globalization
- Globalization primarily involves the increasing integration of economies worldwide through international trade, investment, and the flow of ideas.
Technological Enablers
- The advent of the internet, improvements in transportation, and advancements in communication technologies contributed to the origins of globalization.
Consequences of Globalization
- The increase in global interactions has led to the growth of multinational corporations and the emergence of new global players.
- Global interactions have also resulted in the transfer of ideas, cultures, and values across borders.
Impact on Markets
- The expansion of global markets has led to increased competition, new business opportunities, and the creation of new jobs.
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