Globalization is a phenomenon that exists throughout the world, and in recent years, it has only grown, thanks to the advances in communication and transportation technology. With a drastic increase in global interactions, the growth of international trade, culture and ideas have also been immense.
Globalization can be referred to as an economic process of integration and interaction that is also associated with cultural and social aspects. That said, diplomacy and conflicts are also integral parts of globalization’s history as well as modern globalization.
Relative relaxation of the national entry barriers and allowing more free flow of trade, commerce, knowledge, manpower, technology, money, and other resources is called the globalization of today’s world.
Economically speaking, globalization revolves around goods and services as well as the economic resources of technology, data, and capital. Many scholars have been known to associate the origins of globalization in today’s modern times. However, there are others who have traced the history of globalization before the age of discovery in Europe and the journey to the new world. Some have even gone on record to say that globalization started in the third millennium BC.
However, the reality is that large-scale globalization actually started in the 1820s. In addition to that, by the early 20th century, it was seen that the connectivity of the economies and cultures of the world grew rapidly. The term globalization is actually quite recent, and its true meaning was only recognized in the 1970s.
The Impact of Globalization
Financial
With globalization, financial and commercial transactions have become easier across the globe. Businesses, as well as individuals, can trade goods and services from their native country to foreign countries with ease. Business is expanding across the world.
Manpower
People can also travel from one country to another for leisure or work with few restrictions. Even relocating to different countries becomes feasible and attractive. One can even work remotely for projects in another country. People now have international careers.
Cultural
There is a free exchange of music, arts, sports, literature, fashion, etc. Artists can perform across the globe. The food culture is exchanged globally, and a variety of cuisines can be found in every globalized city.
Education
Traveling to foreign countries for higher education is easy. Alternatively, distance education is increasingly being recognized by different countries.
Conclusion
Globalization is making the national boundaries more pervasive across the world. However, there is the risk of too much mediocrity and the loss of socio-cultural identity of individual countries and cultures.
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