Economic Globalization (V2)

What is Globalization? Globalization can usefully be conceived as a process (or set of processes), which embodies a transformation in the spatial organization of social relations, and transactions, generating transcontinental or interregional flows and networks of activity, interaction, and power. It is characterized by four types of change: First, it involves a stretching of social, political, and economic activities across political frontiers, regions, and continents. Second, it suggests the intensification, or the growing magnitude, of interconnectedness and flows of trade, investment, finance, migration, culture, etc. Third, the growing extensity and intensity of global interconnectedness can be linked to a speeding up of global interactions and processes, as the evolution of world-wide systems of transport and communication increases the velocity of the diffusion of ideas, goods, information, capital, and people. -Fourth, the growing extensity, intensity, and velocity of global interactions can be associated with their deepening impact such that the effects of distant events can be highly significant elsewhere and even the most local developments may come to have enormous global consequences. In this sense, the boundaries between domestic matters and global affairs can become increasingly blurred. Globalization has three definitions. There are more trade transactions, communications, services, and multinational companies across the border. There are more travel and cooperation between different countries. A global and integrated economic system has been formed in the world. One country does not depend on itself only, but countries interact more with each other in terms of production and consumption.