What is globalization?
Globalisation is a term used to describe the unification of local phenomena into single global entity. It is essentially the integration and fostering of closer relations with other countries and cultures, helping to create a "world without walls".
Technological improvements have accelerated the rate of globalisation. This increased pace in turn then results in rapid advances in technology such as Computers, Fibre Optics, Satellites and development of the internet and e-commerce, as economies attempt to stay competitive and innovative, increase their efficiency, and reduce transaction costs. In essence, globalisation has resulted in technological integration, especially with the emergence of e-commerce and Electronic Data Exchange, which has increased speeds, reduced the costs and complexity of moving people, goods, services, money and information internationally.
Taught importance of respecting cultural differences through lowering of barriers
Has made educational excellence more widely available.
Increased job employment between nations
Resulted in cheaper products for consumers
Another important aspect to note is that Globalisation has allowed the rapid liberalization of global trading environments, with the removal of trade restrictions and initiation of numerous Trading Pacts such as NAFTA, APEC and WTO.
This in turn means more exposure to Goods and Services manufactured overseas harboring new perceptions and views of otherwise relatively small and unknown nations.
Globalisation has also developed a new network or Global web of production, finance and investment. Also Politically and economically, many countries have now adapted a capitalistic and democratic approach in conducting business and overseeing the running of their country.