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This is a very broad question because there are many features of this phenomenon.
Economically, the main feature is the interconnectedness of the global economy. Cheap and reliable shipping and easy communications (internet and phones) have made it so that it is very easy for goods and even services to be produced in one country for use in another. This is true to a greater degree than it ever has been in the past.
Culturally, you can argue that globalization is moving us more toward a world culture. Movies, TV shows and music are easily exchanged between countries. I, for example, can practice my Japanese here in the US by watching Japanese TV shows that I get off the internet.
Overall, the main idea is that there are getting to be more and more ways in which people in different countries are connected to one another.
I agree with the above post. In addition, globalization is marked by fairly rapid economic growth in the developing countries, such as India, China and Vietnam (to name just a few). A rapid influx of jobs into a cheap labor market, followed by increased buying power of the population and the spinoff jobs that follow all mark a positive economic benefit for some nations.
Conversely, globalization is marked by rapid change in the industrial base of the formerly leading manufacturing countries, such as the US, Germany and Britain. It has permanently changed the economy of Detroit, Pittsburgh and Dusseldorf, for example, as steel, auto manufacturing and assembly jobs disappeared into the developing world discussed earlier.
High tech jobs in the computer software, hardware and service industries did much the same. So we see long term economic changes, or perhaps better said, a redistribution of labor around the world to where the markets are cheaper and profit margins larger.
Globalisation refers to the increasing levels of trade and other forms of interaction across the national boundaries. Globalisation is much more than increasing import and export trade. True globalization has the following features.
- Manufacturing plants sourcing their raw material from different countries. The sale of products manufactured in these plants may include sale in countries other than where the plant is located or those supplying raw materials.
- Manufacture of sub-assemblies of finished products in multiple countries in plants owned by the same company.
- People in more than one country collaborating in design of new products and manufacturing processes
- People and companies making investment in countries other than their parent countries.
- Employment of people from different nationalities, and posting them in locations other than their home countries.
- Outsourcing of business processes to other countries.
- Marketing of the same products under the same brand names in different countries.
I think that the biggest feature of present day globalization is the presence of technology, which allows for increased connections between businesses and people in general. This makes for greater friendships, understanding of cultures and people, and acceptance from around the world. It also helps companies grow, as they can sell their products all over the world and get the word out about their company to basically anyone.
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