# data[].attributes.body
In addition, globalization has affected the labor market, with many manufacturing jobs moving to countries where labor is cheaper. While this has benefited consumers by lowering prices, it has also led to the decline of traditional industries in developed countries, causing job losses and social unrest.

# data[].attributes.body
Multinational companies can now operate across borders, driving innovation and fostering competition. However, this economic interconnectedness also has its downsides. For example, it can lead to economic inequality, as wealth becomes concentrated in the hands of a few large corporations, leaving small businesses and workers in less developed countries at a disadvantage. Furthermore, economic crises in one region can quickly spread to others, as demonstrated by the 2008 financial crisis.

# data[].attributes.attachment_link.readable_text
Globalization - what is it? What is the definition of globalization? Benefits and negative effects? What are the top examples of globalization? What famous quotes have been said about globalization?
What is Globalization? All Definitions of Globalization

A Simple Globalization Definition

Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe.

An Official Definition of Globalization by the World Health Organization (WHO)

According to WHO, globalization can be defined as " the increased interconnectedness and interdependence of peoples and countries. It is generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows."

What Is Globalization in the Economy?

According to the Committee for Development Policy (a subsidiary body of the United Nations), from an economic point of view, globalization can be defined as:
"(...) the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, the flow of international capital and the wide and rapid spread of technologies. It reflects the continuing expansion and mutual integration of market frontiers (...) and the rapid growing significance of information in all types of productive activities and marketization are the two major driving forces for economic globalization."

What Is Globalization in Geography?

In geography, globalization is defined as the set of processes (economic, social, cultural, technological, institutional) that contribute to the relationship between societies and individuals around the world. It is a progressive process by which exchanges and flows between different parts of the world are intensified.

Globalization and the G20: What is the G20?

The G20 is a global bloc composed by the governments and central bank governors from 19 countries and the European Union (EU). Established in 1999, the G20 gathers the most important industrialized and developing economies to discuss international economic and financial stability. Together, the nations of the G20 account for around 80% of global economic output, nearly 75 percent of all global trade, and about two-thirds of the world's population.

G20 leaders get together in an annual summit to discuss and coordinate pressing global issues of mutual interest. Though economics and trade are usually the centerpieces of each summit's agenda, issues like climate change, migration policies, terrorism, the future of work, or global wealth are recurring focuses too. Since the G20 leaders represent the " political backbone of the global financial architecture that secures open markets, orderly capital flows, and a safety net for countries in difficulty", it is often thanks to bilateral meetings during summits that major international agreements are achieved and that globalization is able to move forward.

The joint action of G20 leaders has unquestionably been useful to save the global financial system in the 2008/2009 crisis, thanks to trade barriers removal and the implementation of huge financial reforms. Nonetheless, the G20 was been struggling to be successful at coordinating monetary and fiscal policies and unable to root out tax evasion and corruption, among other downsides of globalization. As a result of this and other failures from the G20 in coordinating globalization, popular, nationalist movements across the world have been defending countries should pursue their interests alone or form fruitful coalitions.

How Do We Make Globalization More Just?

The ability of countries to rise above narrow self-interest has brought unprecedented economic wealth and plenty of applicable scientific progress. However, for different reasons, not everyone has been benefiting the same from globalization and technological change: wealth is unfairly distributed and economic growth came at huge environmental costs. How can countries rise above narrow self-interest and act together or designing fairer societies and a healthier planet? How do we make globalization more just?

According to Christine Lagarde, former President of the International Monetary Fund, " debates about trade and access to foreign goods are as old as society itself " and history tells us that closing borders or protectionism policies are not the way to go, as many countries doing it have failed.

Lagarde defends we should pursue globalization policies that extend the benefits of openness and integration while alleviating their side effects. How to make globalization more just is a very complex question that involves redesigning economic systems. But how? That's the question.

Globalization is deeply connected with economic systems and markets, which, on their turn, impact and are impacted by social issues, cultural factors that are hard to overcome, regional specificities, timings of action and collaborative networks. All of this requires, on one hand, global consensus and cooperation, and on the other, country-specific solutions, apart from a good definition of the adjective "just".

When Did Globalization Begin? The History of Globalization

For some people, this global phenomenon is inherent to human nature. Because of this, some say globalization begun about 60,000 years ago, at the beginning of human history. Throughout time, human societies' exchanging trade has been growing. Since the old times, different civilizations have developed commercial trade routes and experienced cultural exchanges. And as well, the migratory phenomenon has also been contributing to these populational exchanges. Especially nowadays, since traveling became quicker, more comfortable, and more affordable.

This phenomenon has continued throughout history, notably through military conquests and exploration expeditions. But it wasn't until technological advances in transportation and communication that globalization speeded up. It was particularly after the second half of the 20th century that world trades accelerated in such a dimension and speed that the term "globalization" started to be commonly used.

Examples of Globalization (Concept Map)

Because of trade developments and financial exchanges, we often think of globalization as an economic and financial phenomenon. Nonetheless, it includes a much wider field than just flowing of goods, services or capital. Often referred to as the globalization concept map, s ome examples of globalization are:

Economic globalization: is the development of trade systems within transnational actors such as corporations or NGOs;

Financial globalization: can be linked with the rise of a global financial system with international financial exchanges and monetary exchanges. Stock markets, for instance, are a great example of the financially connected global world since when one stock market has a decline, it affects other markets negatively as well as the economy as a whole.

Cultural globalization: refers to the interpenetration of cultures which, as a consequence, means nations adopt principles, beliefs, and costumes of other nations, losing their unique culture to a unique, globalized supra-culture;

Political globalization: the development and growing influence of international organizations such as the UN or WHO means governmental action takes place at an international level. There are other bodies operating a global level such as NGOs like Doctors without borders or

Sociological globalization: information moves almost in real-time, together with the interconnection and interdependence of events and their consequences. People move all the time too, mixing and integrating different societies;

Technological globalization: the phenomenon by which millions of people are interconnected thanks to the power of the digital world via platforms such as Facebook, Instagram, Skype or Youtube.

Geographic globalization: is the new organization and hierarchy of different regions of the world that is constantly changing. Moreover, with transportation and flying made so easy and affordable, apart from a few countries with demanding visas, it is possible to travel the world without barely any restrictions;

Ecological globalization: accounts for the idea of considering planet Earth as a single global entity - a common good all societies should protect since the weather affects everyone and we are all protected by the same atmosphere. To this regard, it is often said that the poorest countries that have been polluting the least will suffer the most from climate change.

The Benefits of Globalization

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. Let's dig deeper.

The Engine of Globalization - An Economic Example

The most visible impacts of globalization are definitely the ones affecting the economic world. Globalization has led to a sharp increase in trade and economic exchanges, but also to a multiplication of financial exchanges.

In the 1970s world economies opened up and the development of free trade policies accelerated the globalization phenomenon. Between 1950 and 2010, world exports increased 33-fold. This significantly contributed to increasing the interactions between different regions of the world.

This acceleration of economic exchanges has led to strong global economic growth. It fostered as well a rapid global industrial development that allowed the rapid development of many of the technologies and commodities we have available nowadays.

Knowledge became easily shared and international cooperation among the brightest minds speeded things up. According to some analysts, globalization has also contributed to improving global economic conditions, creating much economic wealth (thas was, nevertheless, unequally distributed - more information ahead).

Globalization Benefits - A Financial Example

At the same time, finance also became globalized. From the 1980s, driven by neo-liberal policies, the world of finance gradually opened. Many states, particularly the US under Ronald Reagan and the UK under Margaret Thatcher introduced the famous "3D Policy": Disintermediation, Decommissioning, Deregulation.

The idea was to simplify finance regulations, eliminate mediators and break down the barriers between the world's financial centers. And the goal was to make it easier to exchange capital between the world's financial players. This financial globalization has contributed to the rise of a global financial market in which contracts and capital exchanges have multiplied.

Globalization - A Cultural Example

Together with economic and financial globalization, there has obviously also been cultural globalization. Indeed, the multiplication of economic and financial exchanges has been followed by an increase in human exchanges such as migration, expatriation or traveling. These human exchanges have contributed to the development of cultural exchanges. This means that different customs and habits shared among local communities have been shared among communities that (used to) have different procedures and even different beliefs.

Good examples of cultural globalization are, for instance, the trading of commodities such as coffee or avocados. Coffee is said to be originally from Ethiopia and consumed in the Arabid region. Nonetheless, due to commercial trades after the 11th century, it is nowadays known as a globally consumed commodity. Avocados, for instance, grown mostly under the tropical temperatures of Mexico, the Dominican Republic or Peru. They started by being produced in small quantities to supply the local populations but today guacamole or avocado toasts are common in meals all over the world.

At the same time, books, movies, and music are now instantaneously available all around the world thanks to the development of the digital world and the power of the internet. These are perhaps the greatest contributors to the speed at which cultural exchanges and globalization are happening. There are also other examples of globalization regarding traditions like Black Friday in the US, the Brazilian Carnival or the Indian Holi Festival. They all were originally created following their countries' local traditions and beliefs but as the world got to know them, they are now common traditions in other countries too.

Why Is Globalization Bad? The Negative Effects of Globalization

Globalization is a complex phenomenon. As such, it has a considerable influence on several areas of contemporary societies. Let's take a look at some of the main negative effects globalization has had so far.

The Negative Effects of Globalization on Cultural Loss

Apart from all the benefits globalization has had on allowing cultural exchanges it also homogenized the world's cultures. That's why specific cultural characteristics from some countries are disappearing. From languages to traditions or even specific industries. That's why according to UNESCO, the mix between the benefits of globalization and the protection of local culture's uniqueness requires a careful approach.

The Economic Negative Effects of Globalization

Despite its benefits, the economic growth driven by globalization has not been done without awakening criticism. The consequences of globalization are far from homogeneous: income inequalities, disproportional wealth and trades that benefit parties differently. In the end, one of the criticisms is that some actors (countries, companies, individuals) benefit more from the phenomena of globalization, while others are sometimes perceived as the "losers" of globalization. As a matter of fact, a recent report from Oxfam says that 82% of the world's generated wealth goes to 1% of the population.

The Negative Effects of Globalization on the Environment

Many critics have also pointed out that globalization has negative effects on the environment. Thus, the massive development of transport that has been the basis of globalization is also responsible for serious environmental problems such as greenhouse gas emissions, global warming or air pollution.

At the same time, global economic growth and industrial productivity are both the driving force and the major consequences of globalization. They also have big environmental consequences as they contribute to the depletion of natural resources, deforestation and the destruction of ecosystems and loss of biodiversity. The worldwide distribution of goods is also creating a big garbage problem, especially on what concerns plastic pollution.

Globalization, Sustainable Development, and CSR

Globalization affects all sectors of activity to a greater or lesser extent. By doing so, its gap with issues that have to do with sustainable development and corporate social responsibility is short.

By promoting large-scale industrial production and the globalized circulation of goods, globalization is sometimes opposed to concepts such as resource savings, energy savings or the limitation of greenhouse gases. As a result, critics of globalization often argue that it contributes to accelerating climate change and that it does not respect the principles of ecology. At the same time, big companies that don't give local jobs and choose instead to use the manpower of countries with low wages (to have lower costs) or pay taxes in countries with more favorable regulations is also opposed to the criteria of a CSR approach. Moreover, the ideologies of economic growth and the constant pursuit of productivity that come along with globalization, also make it difficult to design a sustainable economy based on resilience.

On the other hand, globalization is also needed for the transitioning to a more sustainable world, since only a global synergy would really be able to allow a real ecological transition. Issues such as global warming indeed require a coordinated response from all global players: fight against CO2 emissions, reduction of waste, a transition to renewable energies. The same goes for ocean or air pollution, or ocean acidification, problems that can't be solved without global action. The dissemination of green ideas also depends on the ability of committed actors to make them heard globally.

The Road From Globalization to Regionalization

From a globalization perspective, regionalization means a world that is less interconnected and has a stronger regional focus.

Regionalization can also be analyzed from a corporate perspective. For instance, businesses such as McDonald's or Starbucks don't sell exactly the same products everywhere. In some specific stores, they consider people's regional habits. That's why the McChicken isn't sold in India, whereas in Portugal there's a steak sandwich menu like the ones you can get in a typical Portuguese restaurant.

Politically speaking, when left-wing parties are in power they tend to focus on their country's people, goods and services. Exchanges with the outside world aren't seen as very valuable and importations are often left aside.

Globalization Quotes by World Influencers

Many world leaders, decision-makers and influential people have spoken about globalization. Some stand out its positive benefits and others focus deeper on its negative effects. Find below some of the most interesting quotes on this issue.

Politic Globalization Quotes

Globalization quote by the former U.S President Bill Clinton ??

No generation has had the opportunity, as we now have, to build a global economy that leaves no-one behind. It is a wonderful opportunity, but also a profound responsibility.

Globalization quote by Barack Obama, former U.S. president ??

Globalization is a fact, because of technology, because of an integrated global supply chain, because of changes in transportation. And we're not going to be able to build a wall around that.

Globalization quote by Dominique Strauss-Kahn, former International Monetary Fund Managing Director ??

"We can't speak day after day about globalization without at the same time having in mind that...we need multilateral solutions."

Globalization quote by Stephen Harper, former Prime Minister of Canada ??

"We have to remember we're in a global economy. The purpose of fiscal stimulus is not simply to sustain activity in our national economies but to help the global economy as well, and that's why it's so critical that measures in those packages avoid anything that smacks of protectionism."

Globalization quote by Julia Gillard, Prime Minister of Australia ??

"My guiding principle is that prosperity can be shared. We can create wealth together. The global economy is not a zero-sum game."

Other Globalization Quotes

Globalization quote by the spiritual leader Dalai Lama ??

"I find that because of modern technological evolution and our global economy, and as a result of the great increase in population, our world has greatly changed: it has become much smaller. However, our perceptions have not evolved at the same pace; we continue to cling to old national demarcations and the old feelings of 'us' and 'them'."

The famous German sociologist Ulrich Beck also spoke of globalization ??

"Globalization is not only something that will concern and threaten us in the future, but something that is taking place in the present and to which we must first open our eyes."

Globalization quote by Bill Gates, owner and former CEO of Microsoft ??

"The fact is that as living standards have risen around the world, world trade has been the mechanism allowing poor countries to increasingly take care of really basic needs, things like vaccination."

Globalization quote by John Lennon, member of the music band The Beatles ??

Imagine there's no countries. It isn't hard to do. Nothing to kill or die for. And no religion, too. Imagine all the people. Living life in peace. You, you may say I'm a dreamer. But I'm not the only one. I hope someday you will join us. And the world will be as one

# data[].attributes.attachment_link.title
What is Globalization? Examples, Definition, Benefits and Effects

# data[].attributes.attachment_link.description
What is the definition of globalization in simple words? How can it be more just? Examples of globalization, together with its benefits and negative effects

# data[].attributes.body
While globalization has brought about significant benefits, it has also raised various challenges that affect both individuals and societies on a global scale.

# data[].attributes.wish_content.attachment_props.question
Which country invaded Poland to start the war?

# data[].attributes.body
The 20th century, while full of conflict and challenges, also saw remarkable progress and the emergence of a more interconnected global society.

# data[].attributes.body
Technological advancements, including the invention of the airplane, the computer, and space exploration, revolutionized daily life and global communication. Social movements also gained momentum, advocating for gender equality, racial justice, and human rights.

# data[].attributes.attachment_link.readable_text
Home World History Wars, Battles & Armed Conflicts
Table of Contents

Also called:

Second World War

(Show more)

Date:

September 3, 1939 - September 2, 1945

(Show more)

What was the cause of World War II?

What countries fought in World War II?

Who were the leaders during World War II?

What were the turning points of World War II?

How did World War II end?

How many people died during World War II?

World War II, conflict that involved virtually every part of the world during the years 1939-45. The principal belligerents were the Axis powers- Germany, Italy, and Japan-and the Allies- France, Great Britain, the United States, the Soviet Union, and, to a lesser extent, China. The war was in many respects a continuation, after an uneasy 20-year hiatus, of the disputes left unsettled by World War I. The 40,000,000-50,000,000 deaths incurred in World War II make it the bloodiest conflict, as well as the largest war, in history.

Along with World War I, World War II was one of the great watersheds of 20th-century geopolitical history. It resulted in the extension of the Soviet Union's power to nations of eastern Europe, enabled a communist movement to eventually achieve power in China, and marked the decisive shift of power in the world away from the states of western Europe and toward the United States and the Soviet Union.
(Read Sir John Keegan's Britannica entry on the Normandy Invasion.)

Axis initiative and Allied reaction

The outbreak of war

By the early part of 1939 the German dictator Adolf Hitler had become determined to invade and occupy Poland. Poland, for its part, had guarantees of French and British military support should it be attacked by Germany. Hitler intended to invade Poland anyway, but first he had to neutralize the possibility that the Soviet Union would resist the invasion of its western neighbour. Secret negotiations led on August 23-24 to the signing of the German-Soviet Nonaggression Pact in Moscow. In a secret protocol of this pact, the Germans and the Soviets agreed that Poland should be divided between them, with the western third of the country going to Germany and the eastern two-thirds being taken over by the U.S.S.R.

Pop Quiz: 17 Things to Know About World War II

Having achieved this cynical agreement, the other provisions of which stupefied Europe even without divulgence of the secret protocol, Hitler thought that Germany could attack Poland with no danger of Soviet or British intervention and gave orders for the invasion to start on August 26. News of the signing, on August 25, of a formal treaty of mutual assistance between Great Britain and Poland (to supersede a previous though temporary agreement) caused him to postpone the start of hostilities for a few days. He was still determined, however, to ignore the diplomatic efforts of the western powers to restrain him. Finally, at 12:40 pm on August 31, 1939, Hitler ordered hostilities against Poland to start at 4:45 the next morning. The invasion began as ordered. In response, Great Britain and France declared war on Germany on September 3, at 11:00 am and at 5:00 pm, respectively. World War II had begun.

# data[].attributes.attachment_link.title
World War II | Facts, Summary, History, Dates, Combatants, & Causes

# data[].attributes.attachment_link.description
World War II was a conflict that involved virtually every part of the world during 1939-45. The main combatants were the Axis powers (Germany, Italy, and Japan) and the Allies (France, Great Britain, the United States, the Soviet Union, and China). It was the bloodiest conflict, as well as the largest war, in human history.

# data[].attributes.body
The 20th century was a period of profound change, marked by significant political, social, and technological transformations. It began with the aftermath of World War I, which reshaped global borders and economies. The century witnessed the rise of new political ideologies, such as communism, fascism, and democracy, leading to events like World War II, the Cold War, and the struggle for civil rights in various parts of the world.

# data[].attributes.attachment_link.title
Globalization I - The Upside: Crash Course World History #41

# data[].attributes.attachment_link.description
The 20th century was dominated by a chain of events that heralded significant changes in world history as to redefine the era: flu pandemic, World War I and World War II, nuclear power and space exploration, nationalism and decolonization, the Cold War and post-Cold War conflicts; intergovernmental organizations and cultural homogenization through developments in emerging transportation and communications technology; poverty reduction and world population growth, awareness of environmental degradation, ecological extinction; and the birth of the Digital Revolution.

# data[].attributes.attachment_caption
In conclusion, globalization is a complex and multifaceted phenomenon that brings both opportunities and challenges. While it has spurred economic growth, cultural exchange, and technological advancement, it has also raised issues related to inequality, environmental sustainability, and the preservation of local cultures. As the world becomes more interconnected, it is crucial that nations work together to address these challenges and ensure that globalization benefits everyone. By promoting fair trade, protecting the environment, and fostering mutual respect among cultures, we can create a more inclusive and sustainable global society.

# data[].attributes.body
Technology plays a crucial role in shaping globalization. Innovations such as the internet, smartphones, and advanced transportation systems have made it easier for people to communicate, travel, and conduct business on a global scale. The rise of e-commerce has allowed businesses to reach customers worldwide, while online platforms have created new opportunities for education and employment.

# data[].attributes.attachment_link.title
20th Century Global History Series - How Science and Technology Shaped the 20th Century - Dr. Egan

# data[].attributes.attachment_link.readable_text
Image

Photograph by Bloomberg

Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place. Globalization also captures in its scope the economic and social changes that have come about as a result. It may be pictured as the threads of an immense spider web formed over millennia, with the number and reach of these threads increasing over time. People, money, material goods, ideas, and even disease and devastation have traveled these silken strands, and have done so in greater numbers and with greater speed than ever in the present age.

When did globalization begin? Many scholars say it started with Columbus's voyage to the New World in 1492. People traveled to nearby and faraway places well before Columbus's voyage, however, exchanging their ideas, products, and customs along the way. The Silk Road, an ancient network of trade routes across China, Central Asia, and the Mediterranean used between 50 B.C.E. and 250 C.E. is perhaps the most well-known early example. As with future globalizing booms, new technologies played a key role in the Silk Road trade. Advances in metallurgy led to the creation of coins; advances in transportation led to the building of roads connecting the major empires of the day; and increased agricultural production meant more food could be trafficked between locales. Along with Chinese silk, Roman glass, and Arabian spices, ideas such as Buddhist beliefs and the secrets of paper-making also spread via these tendrils of trade.

Unquestionably, these types of exchanges were accelerated in the Age of Exploration, when European explorers seeking new sea routes to the spices and silks of Asia bumped into the Americas instead. Again, technology played an important role in the maritime trade routes that flourished between old and newly discovered continents. New ship designs and the creation of the magnetic compass were key to the explorers' successes. Trade and idea exchange now extended to a previously unconnected part of the world, where ships carrying plants, animals, and Spanish silver between the Old World and the New also carried Christian missionaries.

The web of globalization continued to spin out through the Age of Revolution, when ideas about liberty, equality, and fraternity spread like fire from America to France to Latin America and beyond. It rode the waves of industrialization, colonization, and war through the eighteenth, nineteenth, and twentieth centuries, powered by the invention of factories, railways, steamboats, cars, and planes.

With the Information Age, globalization went into overdrive. Advances in computer and communications technology launched a new global era and redefined what it meant to be "connected." Modern communications satellites meant the 1964 Summer Olympics in Tokyo could be watched in the United States for the first time. The World Wide Web and the Internet allowed someone in Germany to read about a breaking news story in Bolivia in real time. Someone wishing to travel from Boston, Massachusetts, to London, England, could do so in hours rather than the week or more it would have taken a hundred years ago. This digital revolution massively impacted economies across the world as well: they became more information-based and more interdependent. In the modern era, economic success or failure at one focal point of the global web can be felt in every major world economy.

The benefits and disadvantages of globalization are the subject of ongoing debate. The downside to globalization can be seen in the increased risk for the transmission of diseases like ebola or severe acute respiratory syndrome (SARS), or in the kind of environmental harm that scientist Paul R. Furumo has studied in microcosm in palm oil plantations in the tropics. Globalization has of course led to great good, too. Richer nations now can-and do-come to the aid of poorer nations in crisis. Increasing diversity in many countries has meant more opportunity to learn about and celebrate other cultures. The sense that there is a global village, a worldwide "us," has emerged.

National Geographic Society

# data[].attributes.attachment_link.description
Globalization is a term used to describe the increasing connectedness and interdependence of world cultures and economies.

# data[].attributes.body
Globalization has significant social and environmental consequences as well. The increasing demand for goods and services has contributed to environmental degradation, as industries expand and natural resources are exploited at an unsustainable rate. Climate change, deforestation, and pollution are global issues that require coordinated international efforts to address.

# data[].attributes.body
One of the most prominent aspects of globalization is its impact on the global economy. The expansion of international trade and investment has allowed countries to access new markets, leading to economic growth and job creation in many regions.

# data[].attributes.attachment_link.readable_text
What Is Globalization?

Globalization refers to the spread of the flow of financial products, goods, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.

Key Takeaways

Understanding Globalization

Corporations gain a competitive advantage on multiple fronts through globalization. They can reduce operating costs by manufacturing abroad, buy raw materials more cheaply because of the reduction or removal of tariffs, and most of all, they gain access to millions of new consumers.

Globalization is a social, cultural, political, and legal phenomenon.

Socially, it leads to greater interaction among various populations.

Culturally, globalization represents the exchange of ideas, values, and artistic expression among cultures.

Globalization also represents a trend toward the development of a single world culture.

Politically, globalization has shifted attention to intergovernmental organizations like the United Nations (UN) and the World Trade Organization (WTO).

Legally, globalization has altered how international law is created and enforced.

On one hand, globalization has created new jobs and economic growth through the cross-border flow of goods, capital, and labor. On the other hand, this growth and job creation are not distributed evenly across industries or countries.

Specific industries in certain countries, such as textile manufacturing in the U.S. or corn farming in Mexico, have suffered severe disruption or outright collapse as a result of increased international competition.

Globalization's motives are idealistic, as well as opportunistic, but the development of a global free market has benefited large corporations based in the Western world. Its impact remains mixed for workers, cultures, and small businesses around the globe, in both developed and emerging nations.

The History of Globalization

Globalization is not a new concept. Traders traveled vast distances in ancient times to buy commodities that were rare and expensive for sale in their homelands. The Industrial Revolution brought advances in transportation and communication in the 19th century that eased trade across borders.

The think tank, Peterson Institute for International Economics (PIIE), states globalization stalled after World War I, and nations' moved toward protectionism as they launched import taxes to more closely guard their industries in the aftermath of the conflict. This trend continued through the Great Depression and World War II until the U.S. took on an instrumental role in reviving international trade.

One of the critical steps in the path to globalization came with the North American Free Trade Agreement (NAFTA), signed in 1993. One of NAFTA's many effects was to give American auto manufacturers the incentive to relocate a portion of their manufacturing to Mexico where they could save on the costs of labor. NAFTA was replaced in 2020 by the United States-Mexico-Canada Agreement (USMC).

Governments worldwide have integrated a free market economic system through fiscal policies and trade agreements over the last 20 years. The core of most trade agreements is the removal or reduction of tariffs.

This evolution of economic systems has increased industrialization and financial opportunities in many nations. Governments now focus on removing barriers to trade and promoting international commerce.

Pros and Cons of Globalization

Proponents of globalization believe it allows developing countries to catch up to industrialized nations through increased manufacturing, diversification, economic expansion, and improvements in standards of living.

Outsourcing by companies brings jobs and technology to developing countries, which helps them to grow their economies. Trade initiatives increase cross-border trading by removing supply-side and trade-related constraints.

Globalization has advanced social justice on an international scale as well, and advocates report that it has focused attention on human rights worldwide that might have otherwise been ignored on a large scale.

One clear result of globalization is that an economic downturn in one country can create a domino effect through its trade partners. For example, the 2008 financial crisis had a severe impact on Portugal, Ireland, Greece, and Spain. All these countries were members of the European Union, which had to step in to bail out debt-laden nations, which were thereafter known by the acronym PIIGS.

Globalization detractors argue that it has created a concentration of wealth and power in the hands of a small corporate elite that can gobble up smaller competitors around the globe.

Globalization has become a polarizing issue in the U.S. with the disappearance of entire industries to new locations abroad. It's seen as a major factor in the economic squeeze on the middle class.

For better and worse, globalization has also increased homogenization. Starbucks, Nike, and Gap dominate commercial space in many nations. The sheer size and reach of the U.S. have made the cultural exchange among nations largely a one-sided affair.

What Is Globalization and Why Is it Important?

In essence, globalization is about the world becoming increasingly interconnected. Countries today are more connected than ever before, due to factors such as air travel, containerized sea shipping, international trade agreements and legal treaties, and the Internet. In the world of business, globalization is associated with trends such as outsourcing, free trade, and international supply chains. Globalization is important as it increases the size of the global market, and allows more and different goods to be produced and sold for cheaper prices.

Globalization is also important because it is one of the most powerful forces affecting the modern world, so much so that it can be difficult to make sense of the world without understanding globalization. For example, many of the largest and most successful corporations in the world are in effect truly multinational organizations, with offices and supply chains stretched right across the world. These companies would not be able to exist if not for the complex network of trade routes, international legal agreements, and telecommunications infrastructure that were made possible through globalization. Important political developments, such as the ongoing trade conflict between the United States and China, are also directly related to globalization.

Is Globalization Good or Bad?

It depends. Proponents of globalization will point to the dramatic decline in poverty that has taken place throughout the world over the past several decades, which many economists attribute in part to increased trade and investment between nations. Similarly, they will argue that globalization has allowed products and services such as cellphones, airplanes, and information technology to be spread far more widely throughout the world. On the other hand, critics of globalization will point to the negative impact it has had on specific nations' industries, which might face increased competition from international firms. Globalization can also have negative environmental impacts due to economic development, industrialization, and international travel.

How Does Globalization Impact Society?

Globalization has had a large impact on societies around the world, leading to massive migrations from rural to industrial or urban areas, leading to the rapid growth of cities and trade hubs. While this has led to an overall increase in incomes and a higher standard of living in general, it has also led to problems of urbanization including crime, domestic violence, homelessness, and poverty. Concepts of national identity, culture, and consumption patterns also change as goods from around the world become increasingly available and at low prices. The competitiveness of global capitalism may also lead to more individualistic ideals that contradict the cultural orientations of certain, more collectivist societies.

What Is an Example of Globalization?

A simple example of globalization would be a car manufactured in the U.S. that sources parts from China, Japan, S. Korea, Sri Lanka, and South Africa. The car is then exported to Europe, where it is sold to a driver who fills the car's gas tank with gasoline refined from Saudi oil.

# data[].attributes.attachment_link.title
Globalization in Business With History and Pros and Cons

# data[].attributes.attachment_link.description
Globalization is the spread of products, investment, and technology across national borders and cultures.

# data[].attributes.attachment_link.title
What Is Globalization? Understand Our Interconnected World

# data[].attributes.body
Globalization refers to the increasing interconnectedness of the world through the exchange of goods, services, ideas, technology, and culture. This phenomenon has accelerated over the past few decades, thanks to advancements in communication, transportation, and trade.

# data[].attributes.body
Welcome to our activity Padlet! Please follow the instructions below to complete the activity. If you have any questions, please ask your teacher for help.

• Add a post for a significant event from either World War I or World War II.

• Include the event date, title of the event, a brief description, and a relevant image/video.

• Make sure to specify which war the event is from in the designated field.

• Add at least one meaningful comment on another student's post to encourage discussion.

• Try to choose events that haven't been posted yet to create a comprehensive timeline.