globalization definition
Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale, leading to the increased interconnectedness of the world's economies, cultures, and populations. This phenomenon is driven by a combination of economic, technological, socio-cultural, political, and biological factors, and it has far-reaching impacts on the environment, on culture, on political systems, on economic development and prosperity, as well as on human physical well-being in societies around the world.
Economic globalization refers to the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, the spread of technology, and military presence. However, globalization is much broader than purely economic ties; it includes cultural and social dimensions as well. Concepts such as the global exchange of information and ideas, the worldwide spread of cultural, political, and religious philosophies, and shared challenges like climate change and international health crises are all part of globalization.
The effects of globalization are both positive and negative, facilitating efficiency and economic growth, increased cultural exchange, and better communication, while also contributing to income disparities, loss of cultural uniqueness, and the potential for economic and social destabilization.