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If a national country's economy is not performing well, it must be because the economy does not have “enough” economic globalization. Many scholars say it started with Columbus’s voyage to the New World in 1492. When did globalization begin? Rather, it may signal the relocation of some components of state sovereignty onto supranational authorities. When coupled with other substantive political-economic forces, these geographic preconditions—not economic globalization per se—help to explain empirical consequences and outcomes. Globalization has of course led to great good, too. Globalization means the concentration of power and wealth in the few hands of multinational corporations whose only mandate is profit (shareholder value creation). These activities represent more than just the simple globalization of economic activity; they refer to the increasing integration of economies and societies across the world. Jeanna Sullivan, National Geographic Society, Sarah Appleton, National Geographic Society Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place. Margot Willis, National Geographic Society, Andre Gabrielli, National Geographic Society. Anthropology, Sociology, Social Studies, Civics, Economics. Globalization is the focus for popular fears about American power, the might of big business, the pace of economic change, and a sense of powerlessness in the face of intangible global forces. Examples of these groups or blocs would include NAFTA (North American Free Trade Agreement), the EU, and Asian regional organizations. Example Questions . Furthermore, globalization increases the access to global resources for a small corporate elite. © 1996 - 2020 National Geographic Society. Developing countries are struggling to cope with the new conditions of development and survival. The government commonly faces crises of both organizational efficiency toward the consumer and institutional legitimacy toward the citizen. Globalization is the process of increased interconnectedness among countries most notably in the areas of economics, politics, and culture. This view argues that globalization is a new form of activity in which a society moves from industrial capitalism to a postindustrial idea of economic relationships. Definition. The expansion of economic, political, and cultural processes to the point that they become global in scale and impact. In reality, the economic sphere is directed by the World Trade Organization (WTO) with its underlying goal of economic equality in political and cultural influence, through the powerful means of information technology, dominated by the West. Again, technology played an important role in the maritime trade routes that flourished between old and newly discovered continents. On the other hand, anti-globalization views economic globalization as the cause of socioeconomic malaise. Unquestionably, these types of exchanges were accelerated in the Age of Exploration, when European explorers seeking new sea routes to the spices and silks of Asia bumped into the Americas instead. Washington, DC 20036, National Geographic Society is a 501 (c)(3) organization. It enhances the importance of supra-national and subnational scale processes. Globalization can also be considered as the result of a larger building process of the world market. Globalization is a term used to describe the increasing connectedness and interdependence of world cultures and economies. Module 4: Lecture Series. For the three regions cited above (which together account for about 80 percent of global gross domestic product), intra-regional trade in goods now accounts for 50 percent or more of exports. Globalization can also be thought of as an ideology. International economic integration has tended to be a regional rather than a global phenomenon. Or perhaps more significant, what is the explanatory relationship between geography and globalization? Globalization is associated with the production of new scales in economic and political space. Many researchers associate globalization with deterritorialization, where a variety of socioeconomic activities take place irrespective of the geographical location of the individuals or activities. Trade and technology have made the world globalization has of course led to increases in standards of living around United. Questions about how to cite anything on our website in your project classroom! The opposite, many researchers consider that globalization is one of the most widely discussed topics in and! Its constituent elements and multidimensional character have yet to be adequately explored the twoway interaction of global and... 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