Globalization and Technological Advancements

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What are the drivers of globalization?

The drivers of globalization are the reduction of barriers to international trade, increased consumer demand, lowered costs of shipping and production, and technological advancements in communication and transportation.

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Globalization can be defined as the free movement of goods, people, information, and technologies across national borders in an unimpeded manner. The phenomenon not only has economic consequences, but it also has social, cultural, political, and legal ramifications.

It would be a mistake to think that globalization is purely a modern phenomenon. In fact, historical precedent is one of the drivers of globalization. For millennia humankind has attempted to integrate commercially, socially, and culturally to mutual advantage. For instance, as far back as the 1st century, China exchanged luxury goods such as silk and spices with Europe via the Silk Road. Although the Silk Road, after centuries of commercial and informational exchange, eventually closed, during the spread of...

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