In simplest terms, globalization refers to global interconnection in terms of trade, ideas, culture, etc. In a globalized world, social and economic activities transcend the borders and regions.
From a business point of view, globalization refers to global interconnections in terms of trade and exchange of ideas, equipment, manpower, technology, etc. A globalized economy allows companies from around the world the opportunity to participate (in terms of manufacturing, trading, marketing, etc.), unlike a closed economy, which excludes participation for many. This opening up of markets is a win-win situation for all the constituent parties. While the companies get access to markets, people get access to more choices. It also allows resource-rich (and service-rich) countries to export their products to resource-deficient (and service-deficient) countries. This has resulted in high growth rates in a number of countries, such as India.
Globalization has also resulted in environmental damage and emergence of organized crime and violence, as undesirable consequences.
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