Globalization (or globalisation) describes a process by which regional economies, societies, and cultures have become integrated through a global network of communication, transportation, and trade. The term is sometimes used to refer specifically to economic globalization Economic globalisation refers to increasing economic interdependence of national economies across the world through a rapid increase in cross-border movement of goods, service, technology and capital. It is the process of increasing economic integration between countries, leading to the emergence of a global marketplace or a single world market: the integration of national economies into the international economy through trade Trade is the voluntary, often asymmetric, exchange of goods, services, or money. Trade is also called commerce or transaction. A mechanism that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and services. Later one side of the barter were the metals, precious metals , bill, paper money. Modern, foreign direct investment Foreign direct investment refers to long term participation by country A into country B. It usually involves participation in management, joint-venture, transfer of technology and "know-how". There are two types of FDI: inward foreign direct investment and outward foreign direct investment, resulting in a net FDI inflow (positive or, capital flows In economics, capital, capital goods, or real capital are factors of production used to create goods or services that are not themselves significantly consumed in the production process. Capital goods may be acquired with money or financial capital, migration Human migration is physical movement by humans from one area to another, sometimes over long distances or in large groups. The movement of populations in modern times has continued under the form of both voluntary migration within one's region, country, or beyond, and involuntary migration . People who migrate are called migrants or more, and the spread of technology Technology is the usage and knowledge of tools, techniques, crafts, systems or methods of organization. The word technology comes from the Greek technología — téchnē (τέχνη), an 'art', 'skill' or 'craft' and -logía (-λογία), the study of something, or the branch of knowledge of a discipline. The term can either be applied generally.^[1] However, globalization is usually recognized as being driven by a combination of economic, technological, sociocultural, political, and biological factors.^[2] The term can also refer to the transnational circulation of ideas, languages, or popular culture Popular culture is the totality of ideas, perspectives, attitudes, memes, images and other phenomena that are deemed preferred per an informal consensus within the mainstream of a given culture, specifically Western culture of the early to mid 20th century and the emerging global mainstream of the late 20th and early 21st century. Heavily through acculturation Acculturation is the exchange of cultural features that results when groups of individuals having different cultures come into continuous first hand contact; the original cultural patterns of either or both groups may be altered, but the groups remain distinct.

Definitions

According to the Oxford English Dictionary, the word 'globalization' was first employed in 1930, to denote a holistic view of human experience in education.^[3] An early description of globalization was penned by the American entrepreneur-turned-minister Charles Taze Russell Charles Taze Russell , or Pastor Russell, was a prominent early 20th century Christian Restorationist minister from Pittsburgh, Pennsylvania, USA and founder of what is now known as the Bible Student movement, from which Jehovah's Witnesses and numerous independent Bible Student groups emerged who coined the term 'corporate giants' in 1897,^[4] although it was not until the 1960s that the term began to be widely used by economists and other social scientists. The term has since then achieved widespread use in the mainstream press by the later half of the 1980s. Since its inception, the concept of globalization has inspired numerous competing definitions and interpretations, with antecedents dating back to the great movements of trade and empire across Asia and the Indian Ocean from the 15th century onwards.^[5]

The United Nations ESCWA The United Nations Economic and Social Commission for Western Asia , headquartered in Beirut, Lebanon, is one of the five regional commissions under the administrative direction of the United Nations Economic and Social Council. UN-ESCWA promotes economic and social development of Western Asia through regional and subregional cooperation and has written that globalization "is a widely-used term that can be defined in a number of different ways. When used in an economic context, it refers to the reduction and removal of barriers between national borders in order to facilitate the flow of goods, capital, services and labor... although considerable barriers remain to the flow of labor... Globalization is not a new phenomenon. It began in the late nineteenth century, but it slowed down during the period from the start of the First World War until the third quarter of the twentieth century. This slowdown can be attributed to the inward-looking policies pursued by a number of countries in order to protect their respective industries... however, the pace of globalization picked up rapidly during the fourth quarter of the twentieth century..."^[6]

Saskia Sassen Saskia Sassen is a Dutch sociologist noted for her analyses of globalization and international human migration. She is currently Robert S. Lynd Professor of Sociology at Columbia University and Centennial visiting Professor at the London School of Economics. Sassen coined the term global city. She is married to the sociologist Richard Sennett writes that "a good part of globalization consists of an enormous variety of micro-processes that begin to denationalize what had been constructed as national — whether policies, capital, political subjectivity, urban spaces, temporal frames, or any other of a variety of dynamics and domains."^[7]

Tom J. Palmer of the Cato Institute The Cato Institute is a libertarian think tank headquartered in Washington, D.C. It was founded in 1977 by Edward H. Crane, who remains president and CEO, and Charles Koch, chairman of the board and chief executive officer of the oil conglomerate Koch Industries, Inc., the second largest privately held company by revenue in the United States, defines globalization as "the diminution or elimination of state-enforced restrictions on exchanges across borders and the increasingly integrated and complex global system of production and exchange that has emerged as a result."^[11]

Thomas L. Friedman Thomas Loren Friedman is an American journalist, columnist and author. He writes a twice-weekly column for The New York Times. He has written extensively on foreign affairs including global trade, the Middle East and environmental issues and has won the Pulitzer Prize three times has examined the impact of the "flattening" of the world, and argues that globalized trade International trade is exchange of capital, goods, and services across international borders or territories.. In most countries, it represents a significant share of gross domestic product . While international trade has been present throughout much of history (see Silk Road, Amber Road), its economic, social, and political importance has been on, outsourcing Outsourcing or sub-servicing often refers to the process of contracting to a third-party. While outsourcing may be viewed as a component to the growing division of labor encompassing all societies, the term did not enter the English-speaking lexicon until the 1980s. Since the 1980s, transnational corporations have increased subcontracting across, supply-chaining A supply chain is a system of organizations, people, technology, activities, information and resources involved in moving a product or service from supplier to customer. Supply chain activities transform natural resources, raw materials and components into a finished product that is delivered to the end customer. In sophisticated supply chain, and political forces have changed the world permanently, for both better and worse. He also argues that the pace of globalization is quickening and will continue to have a growing impact on business organization and practice.^[12]

Noam Chomsky Avram Noam Chomsky is an American linguist, philosopher, cognitive scientist, and political activist. He is an Institute Professor and professor emeritus of linguistics at the Massachusetts Institute of Technology. Chomsky is well known in the academic and scientific community as one of the fathers of modern linguistics, and a major figure of argues that the word globalization is also used, in a doctrinal sense, to describe the neoliberal form of economic globalization Economic globalisation refers to increasing economic interdependence of national economies across the world through a rapid increase in cross-border movement of goods, service, technology and capital. It is the process of increasing economic integration between countries, leading to the emergence of a global marketplace or a single world market.^[13]

Herman E. Daly Herman Daly is an American ecological economist and professor at the School of Public Policy of University of Maryland, College Park in the United States argues that sometimes the terms internationalization and globalization are used interchangeably but there is a significant formal difference. The term "internationalization" (or internationalisation) refers to the importance of international trade, relations, treaties etc. owing to the (hypothetical) immobility of labor and capital between or among nations.^{[citation needed]}

Finally, Takis Fotopoulos Takis Fotopoulos , born October 14, 1940 ) (age 69), is a political philosopher and economist who founded the inclusive democracy movement. He is noted for his synthesis of the classical democracy with the libertarian socialism and the radical currents in the new social movements. He was an academic, and has written many books and over 800 argues that globalization is the result of systemic trends manifesting the market economy's grow-or-die dynamic, following the rapid expansion of transnational corporations. Because these trends have not been offset effectively by counter-tendencies that could have emanated from trade-union action and other forms of political activity, the outcome has been globalisation. This is a multi-faceted and irreversible phenomenon within the system of the market economy and it is expressed as: economic globalisation, namely, the opening and deregulation of commodity, capital and labour markets which led to the present form of neoliberal globalisation; political globalisation, i.e., the emergence of a transnational elite and the phasing out of the all powerful-nation state of the statist period; cultural globalisation, i.e., the worldwide homogenisation of culture; ideological globalisation; technological globalisation; social globalisation.^[14]

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