Globalization is the tendency of investment funds and corporations to move into domestic and domestic markets to other markets around the world, thus increasing the interconnection of the world. Globalization has had a major impact on international trade and cultural communication.
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Proponents of globalization say it helps developing countries reach industrialized countries much faster with increased employment and technological development. Critics of globalization say it weakens macroeconomic power and allows rich nations to send domestic jobs abroad where labor is much cheaper.
Globalization is used to explain the recent integration of domestic economies, industries, cultures and government policies around the world. This integration has taken place through increased technical progress and the efficiency of international trade, communications and transport. First and foremost, globalization refers to economic integration in international markets, but it is also used to describe the social cultural integration that has been enumerated as a result of an increase in the Internet.
Globalization Driving Factors
Public policy and technology are two major driving factors in current globalization. The recent implementation of government, both domestically and internationally, has opened economic borders for countries around the world. For the past 20 years, the government's governments have unified the economic system of free-market fiscal, monetary and commercial markets. This development of economic systems has stimulated domestic production capacity and opened up countries to increased financial opportunities abroad. World Governments focus on reducing trade barriers and actively supporting international trade related to investment, goods and services.
Technology has also been a major reason for globalization. Advances in information technology (information technology) and the flow of information across borders have enabled individuals to take control of their financial lives. Technology has helped people become informed about economic development and allow people to transfer financial assets and take advantage of investment opportunities. Technology has increased the ability to communicate internationally and close the gap between different cultures.
The controversy behind globalization
At first glance, globalization is an incredible development. Those who believe in globalization as a force of good witnesses increase the living standards of developing countries as the benefits of globalization. Those who do not believe in globalization, however, cite the fact that it has overly benefited from companies in the Western world that are unfavorable to the development of economies, cultures and people. These criticisms work actively to boost national economies at the expense of free trade.