Globalization Flashcards, test questions and answers

Discover flashcards, test exam answers, and assignments to help you learn more about Globalization and other subjects. Don’t miss the chance to use them for more effective college education. Use our database of questions and answers on Globalization and get quick solutions for your test.

What is Globalization?

Globalization is a term used to describe the increasing interconnectedness between nations, cultures, and economies around the world. It is often referred to as a process of accelerated integration and interdependence of countries through trade, financial flows, communication networks and technology. As a result of globalization, many parts of the world have become more integrated than ever before.Globalization has been beneficial to some countries in many ways. For example, it has allowed them to access new markets and resources that were previously inaccessible or expensive to obtain. This has enabled some economies to grow rapidly while providing their citizens with access to goods and services they would otherwise not be able to afford or access. In addition, globalization has enabled some countries to improve their infrastructure by allowing them better access foreign capital as well as fostering technological advances that have improved quality of life for many people in these countries. However, there are also drawbacks associated with globalization that need attention in order for it be sustainable for all parties involved. For example, some countries may experience an influx of foreign investment which can cause rapid economic growth but may lead to economic instability due certain industries becoming too dominant within certain markets or regions. Additionally, there is a risk associated with multinational corporations having too much influence on domestic policies which can lead to unfair advantages being given at the expense of local businesses or workers who cannot compete on an even playing field with companies from other nations.