Show Let's find out what is globalization Image: REUTERS/Nicky Loh Stay up to date: New Growth ModelsLicense and Republishing World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. The views expressed in this article are those of the author alone and not the World Economic Forum. Global Agenda The Agenda WeeklyA weekly update of the most important issues driving the global agenda SubscribeYou can unsubscribe at any time using the link in our emails. For more details, review our privacy policy. 8. The “process by which the experience of everyday life ... is becoming standardized around the world.” (The Encyclopedia Britannica) While some scholars and observers of globalization stress convergence of patterns of production and consumption and a resulting homogenization of culture, others stress that globalization has the potential to take many diverse forms. Learn more in: Instigating Transformational Government at a Municipality Level: A Case Study 9. In economic terms, 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.” (Committee for Development Policy) Learn more in: The Douro Demarcated Region: The Relevance of Tourism in the Internationalization Strategies of Companies 13. It is a worldwide movement toward economic, financial, trade, and communications integration. It is normally envisaged as a lack of trade barriers between nations, which are removed through free trade agreements throughout the world and between nation states. It implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers, in which investment opportunities soar. Learn more in: Seeking Opportunities: Challenges Faced by a Small “Born Global” Company 14. Globalization is the process of integrating countries in many aspects like movement of products, capital (both physical and financial) labour, managerial techniques, views, ideas, culture etc. Advances in different types of transportation and telecommunications infrastructure comprising of Internet, mobile phones etc. have been major factors in globalization, generating further interdependence of economic and cultural activities. In short globalization brings all the countries of the world under a common roof. Learn more in: Internet Use and Economic Growth: Evidences From Lower Middle Income and Low Income Countries 17. The worldwide integration of economic, social, cultural, and financial activities. Since globalization increases the relationship among the countries, the perspective changes from local to global. It also increases the interdependence because of increasing transactions and free transfer of goods, services and capital. Learn more in: After The Global Crisis, Is It Globalization or Globalonelization? 30. The emergence since the 1980s of a single world market dominated by multinational companies, leading to a diminishing capacity for national governments to control their economies. Globalization is also a social, cultural, political, and legal phenomenon. In social terms, globalization represents greater interconnectedness among global populations but also leads to a standardization and an international uniformity at all levels. Learn more in: Cronocaos: An Alternative Approach to “Preservation” 38. The emergence of a global society in which economic, political, environmental, and cultural events in one part of the world affect people in other parts of the world due to advances in communication, transportation, and information technologies. Learn more in: Digital Communication in Indigenous Languages 39. The ongoing world-wide trend towards increased economic, financial, and trade integration across national boundaries. Globalization (a) recognizes the need for a relaxation of exclusively nation-centered and self-serving policies and perspectives; (b) responds to a reconsideration of a world economy that is increasingly interconnected and interdependent; and (c) promotes the unimpeded flow of labor, goods, and services in ways that enhance the growth and development of the global community without unduly harming individual members of that community. Learn more in: Repositioning Study Abroad as a Rite of Passage: Impact, Implications, and Implementation 43. Globalization is the tendency of businesses, technologies, or philosophies to spread throughout the world, or the process of making this happen. Worldwide integration and development, the process enabling financial and investment markets to operate internationally, largely as a result of deregulation and improved communications. Learn more in: Regional Development via Entrepreneur Multi-Perspective Approach 51. Increasing global awareness of economic, social and political interdependencies among states due to increasingly porous state barriers due to rapidly increasing commerce, finance, information and labor flows across these borders. Incentives to globalize ultimately relate to the imperative to develop a state’s economic and political power resources through integration in the global capitalist production chain. Learn more in: The Globalization of Hybrid Warfare and the Need for Plausible Deniability 55. Globalization is defined as a process a diffusion of commodities, services, cultures and value systems becoming standardized around the world. That being said, globalization also has a strong relationship with the new imperialist order. The key feature of globalization, therefore, is its capability of manufacturing consent, which enables itself to validate the unequal sharing of values throughout the world. Learn more in: Transformation of Entertainment Culture throughout Society and History 66. The increasing integration of national economies into expanding international markets, involving the process of advancement and increase in interaction among the world’s countries and people. Learn more in: Global Market Trends 71. It is a worldwide movement toward economic, financial, trade, and communications integration. It is normally envisaged as a lack of trade barriers between nations, which are removed through free trade agreements throughout the world and between nation states. It implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers, in which investment opportunities soar. Learn more in: Born-Again Globals: A Case Study of a Non-Linear Internationalization Behavior 103. An international phenomenon defined as the rapidly developing process of complex interconnectedness between societies, cultures, institutions, and individuals worldwide. It is a social process which involves the compression of time and space, shrinking distances through a dramatic reduction in time taken – either physically or representationally – to cross them, so that the world seems smaller, and, in a certain sense, brings human beings ‘closer’ to one another. Learn more in: The Effect of Sociolinguism on Advertising Slogans: Language as a Conveyor of Cultural Characteristics 130. It is a process which has economic, social, political, cultural, environmental, legal dimensions that removes borders in almost every area, such as the nation state, time, industry, cultural norms, and assumptions. Learn more in: Cultural Effects of Global Businesses and Multinational Businesses: Localization Versus Globalization – Middle-Point Cultural Hybridization 149. this is the interconnectivity of business of nations all over the world. In other words, that all economies are connected to do business together where each will now gain competitive advantage over its products. Learn more in: Managerial Succession and E-Business 151. Globalization is the tendency of businesses, technologies, or philosophies to spread throughout the world, or the process of making this happen. Worldwide integration and development, the process enabling financial and investment markets to operate internationally, largely as a result of deregulation and improved communications. Learn more in: Strategy for ICT Adoption in SMEs 161. IT is a worldwide movement toward economic, financial, trade, and communications integration. It is normally envisaged as a lack of trade barriers between nations, which are removed through free trade agreements throughout the world and between nation states. It implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers, in which investment opportunities soar. Learn more in: Internationalization in the Hotel Industry and Modes of Entry 163. The growing interdependence of countries worldwide through increasing volume and variety of cross-border interactions and transactions in goods and services, free international capital flows, and more rapid and widespread diffusion of technology. Learn more in: Instant Messaging as an E-Collaboration Tool 165. This refers to the current state of worldwide integration, interdependent and interconnectivity in social political, cultural, economic, and ecological areas of life and made possible through deployment of and utilization of ICTs. Learn more in: ICT Policies in Africa 174. Globalization is the interaction and integration of people, companies, and governments around the world. Globalization has grown due to the advancement of communication and transportation technology. Increasing global interaction leads to the growth of international trade, ideas, and culture. Globalization is primarily an economic process in the form of economic interaction that is associated with cultural and social aspects. Nevertheless, conflict and diplomacy have always been part of the history of globalization (especially modern globalization). Learn more in: Assessing Climate Change and Predicting Its Effect on Efficiency and Heat Rate of Thermal Power Plants in 2050 188. A worldwide movement toward economic, financial, trade and communications integration. It is normally envisaged as a lack of trade barriers between nations, which are removed through free trade agreements throughout the world and between nation states. It implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers, in which investment opportunities soar. Learn more in: Social Enterprises: The Challenge of Internationalization 200. The ongoing world-wide trend towards increased economic, financial, and trade integration across national boundaries. Globalization: (1) Recognizes the need for a relaxation of exclusively nation-centered and self-serving policies and perspectives; (2) Responds to a reconsideration of a world economy that is increasingly interconnected and interdependent; and (3) Promotes the unimpeded flow of labor, goods, and services in ways that enhance the growth and development of the global community without unduly harming its individual members. Learn more in: Strategic Leadership through the Prism of National Culture: Differences in Understandings 204. A worldwide movement toward economic, financial, trade and communications integration. It is normally envisaged as a lack of trade barriers between nations, which are removed through free trade agreements throughout the world and between nation states. It implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers, in which investment opportunities soar. Learn more in: Internationalization in Health Services: Major Challenges 206. The process of integration and interaction among different nations (through trade agreements), companies (through investment in other countries) and people is called globalization. It influences the environment, political systems, as well as economic development of societies around the world. Learn more in: Trade and Environment Nexus: A Theoretical Appraisal 213. It is a worldwide movement toward economic, financial, trade, and communications integration. It is normally envisaged as a lack of trade barriers between nations, which are removed through free trade agreements throughout the world and between nation states. It implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers, in which investment opportunities soar. Learn more in: The Internationalization Process of a Born Global: A Case Study of a Beverage Firm 217. Globalization is defined as the expansion and development of worldwide economic, social, political, and cultural relations. This definition includes all elements such as different geographies, cultural formation, economic-social and political structure, state government, goods and services, capital accumulation, technological infrastructure, and lifestyles, regardless of physical distance. Globalization is a structural transformation process which is based on the principle of mutual dependence and which increases the level of communication, interaction, and relationships among all these elements. Learn more in: The Globalized World With Different Perceptions, Dimensions, and Problems 219. Globalization can be defined as a process that has certain social, cultural, political, psychological, ecological and economical effects on societies, brings new concepts such as de-spatilazition and de-temporalization into literature and increases the interdependency of countries in various forms. Learn more in: Education Paradigm and Globalization 220. The ongoing world-wide trend towards increased economic, financial, and trade integration across national boundaries. Globalization (a) recognizes the need for a relaxation of exclusively nation-centered and self-serving policies and perspectives; (b) responds to a reconsideration of a world economy that is increasingly interconnected and interdependent; and (c) promotes the unimpeded flow of labor, goods, and services in ways that enhance the growth and development of the global community without unduly harming individual members of that community. Learn more in: Utilizing Learner Knowledge in Cross-Culture Management Education: Beneath the Visible Teaching Pyramid 227. This term typically means to extend to other or all parts of the globe or make worldwide. In the context of this chapter, the term is used to argue that diverse populations of people are brought together as computer-mediated communication extends into other parts of the globe. Learn more in: Negotiating Virtual Identity in an Age of Globalization 230. A world-wide phenomenon of goods and services losing their local characteristics being sold all around the world fostered by the development of transportation and ICT. Learn more in: Embedded in a Culture 238. Refers to the processes that result in the growing interconnection amongst various regions of the globe and is characterized by increasing economic, cultural, political and technological transactions. Leadership in the context of a dynamic global world must recognize the shifting and multifaceted constructs of leadership and knowledges that are brought to bear in workplaces and organizations. Leaders must engage in inclusive and collaborative practices designed to harness these multiple sites of knowledge and recognize the various benefits that can ensue. Learn more in: Technology Enhanced Collaborative Leadership Development 241. A worldwide movement toward economic, financial, trade and communication integration. It is usually envisaged as a lack of trade barriers between nations, these being removed through free trade agreements throughout the world and between nation-states. It implies the opening up of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods and services across national frontiers, in which investment opportunities soar. Learn more in: Challenges of the Internationalization Process: A Case Study of a Knowledge-Intensive Service Company 262. It means that the varieties of consumers, organizational structures, products, and technologies converge in the same time because transport and technological communication networks tend to increasingly reduce physical barriers and distances and favor social and economic exchanges and relationships between individuals and groups, among organizations and companies, between communities sustaining a global culture in the society. Learn more in: Towards Sustainable Peace by Technology What is the process of international integration?International integration implies the adoption of policies by separate countries as if they were a single political unit. The degree of integration is often tested by seeing whether interest rates or share prices or the prices of goods are the same in different national markets.
What is the process of integrating the economy of the country with the world economy?Economic integration, or regional integration, is an agreement among nations to reduce or eliminate trade barriers and agree on fiscal policies. The European Union, for example, represents a complete economic integration. Strict nationalists may oppose economic integration due to concerns over a loss of sovereignty.
Whats Does globalization mean?Globalization is the word used to describe the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
What is cultural integration in globalization?Globalization of culture contributes to the exchange of cultural values of different countries, the convergence of traditions. For cultural globalization characterized convergence of business and consumer culture between the different countries of the world and the growth of international communication.
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