What is rapid globalization?
This term describes what is taking place today in the world. In the past people have spoken about globalization, but it was a type of globalization that was taking place at a slow pace. However, when we speak about globalization today, it is taking place at a much quicker pace. The chief reason for this is due to technology.
Through technologies of communication and transportation, in particular, the world is getting smaller. Therefore, one part of the world is linked to another. Consider the advancement in shipping alone. We can order something from London and get it to New York within a day. The very popularity of overnight shipping is a case in point. Finally, there seems to be no slowing down in this trend.
Rapid globalization is simply globalization that happens at a fast pace.
The term "globalization" is used to mean the trend whereby countries are becoming more and more able to trade a wider variety of goods and services with one another.
Globalization has been increasing at a very rapid pace lately due to the development of communication technology and the internet. A very high-profile example of this rapid globalization is the increasing amount of work that US firms send to India.
Because of advances in communication technology, Indian firms can now provide consumer support and other such services for American firms.
Globalization refers to the current economic and business situation in the world where these activities are carried out across the national boundaries in large volumes in without being trade barriers put up by various countries. The globalization is the net impact of is the result of tendency on part of businesses to widen the scale of their operation globally, as well as by countries adopting policies and practices that promote and facilitate international trade and economic cooperation between different countries.
The phrase “rapid globalization” used in the above question perhaps refers to rapid development of globalization during last three decades and which still continues. The rapid movement towards globalization in recent years is the result of increasing realization among many countries of the benefit of relatively free business across national boundaries and, with that lowering of their barriers to international business. This development is also fuelled by many large corporations who, in quest of lowering their costs and increasing their volumes of business, have established manufacturing bases in many different countries. The progress of globalization still continues at a rapid rate.