Global cities are clearly connected to globalization, which, as you read in the text, is defined as11/13/2023 ![]() As a result of such developments, reliable system of commercial jet travel has reduced the time it takes to get from one location to another. Over the last several years, global communications have been revolutionized by developments in satellites, digital switching, and optical fiber telephone lines. Advances in communications, television networks, transportation technology have been reducing the barriers of distance and culture. The expanding process of globalization has brought these cultural diversities together to form a global culture. Cultural Globalizationĭifferent countries have different sets of national beliefs, values and norms. Multinational companies are another force to boost up economic globalization. The formation of the World Trade Organization (WTO) has given impetus to this process. A free-trade doctrine removes the barriers to the flow of goods between countries. Economic globalization is contributed by liberalization, deregulation, privatization, and declining costs of the markets in goods, services, capital, trade, and finance.Įconomic globalization has speeded up in the recent past. The process of globalization is now influencing these aspects of an economy.Ī brief description of these forms of globalization is as follows: Economic influence is the most obvious part of globalization. ![]() It has four important dimensions: economic, cultural, political, and environmental. ![]() Forms of Globalization Globalization is a multi-dimensional process. The process of globalization ultimately converts the huge globe into a small global village. " Form these definitions it is clear that globalization leads to an integrated global economy. "Globalization is a process of integration of the world as one market." Globalization is a process by which an activity or undertaking becomes worldwide in scope. ![]() ![]() "Globalization is a free movement of goods, services, people, capital, and information across national boundaries.The following are the widely used definitions of globalization: To a political scientist, globalization refers to an integration of a global community in terms of ideas, norms, and values.īecause of these differences in perspectives, globalization has been defined in many different ways.To an economist, globalization refers to an economic interdependence between countries covering increased trade, technology, labor, and capital flows. ![]()
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