What is globalization? Please list its advantages and disadvantages.

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The previous answers have covered most of what globalization is. Some additional aspects are that personal computers and the internet have boosted the easy connectivity of peoples throughout most of the globe. Thus, communication is almost instant.

Business and trade is now interconnected between commercial and individual concerns face to face through monitor screens via pc, smart phones, etc.

Social websites have created a global interconnect of meeting individuals, making friends, forming relationships that could develop into lasting relationships.

Honest communication between people on a global scale can break down prejudices and educate us that people throughout the globe pretty much have the same basic needs and goals.

Dishonest communication on the other hand can frustrate and lend to a lack of trust that is sad because you see just how much fraud is being promoted by selfish people. You wonder, "who can I trust?"

Glitches in technology, such as email that cannot be sent or received or viruses that dishonest people penetrate can be frustrating and sometimes cause one to think that we were better off not globally connected.

These are additional aspects of globalization in response to the original question.

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Globalization is the process where the economies of various countries in the world become more and more connected to one another.  In a globalized economy, people from one country can buy goods quite easily from other countries.  Nowadays, people in one country can even buy services from other countries (because of the internet a company can have accountants in India, for example, do its taxes).

The main advantage (economists say) is that people get more goods and services for a cheaper price.  Instead of having to buy something made in America, I can buy the same thing made in China, but cheaper.  That's good for me.  You can also say globalization helps countries like China get richer and eventually that will mean they'll buy more stuff from us (like computer programs and movies and such).

The disadvantage that most people see is that this means just about any job (in a rich country like ours) can end up getting sent to another country.  So we have to compete with people who have way lower standards of living and can work for way less pay.  This really annoys a lot of people in the US and that's why we have a lot of calls for less in the way of free trade.

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