Globalization is a process of collaboration and amalgamation among different cultural groups, a process driven by trade, investment and the advancement of technology. It creates a world where everyone is united and there is a single culture flowing through many different lifestyles, effecting environment, political systems, economic development and prosperity, and the physical well-being of individuals (www.globalization101.org). The concept of globalization has been in act for many years, however recently, the severity of the merging cultures is becoming much more apparent. There are many types of globalization, each focusing on a different aspect in today’s current world issues. Economic globalization …show more content…
Through economic globalization comes the concept of more global wealth, as companies are expanding and intergrating all over the world. With the advancement in technology and the constant demand for new products, companies are able to situate themselves all across the globe. It is crucial that mobile producers expand their horizons, as the demand is up in many countries. Due to the rapid development of science and technologies, it is no wonder that the world’s economies have globalized over the past few years. The environmental factor played a part in the market economic system, causing the spread to be more viral. This has thoroughly developed on the basis of cross-border division of labor, probing down to the production chains within distinctive countries. “The idea of the ‘time and space compression effect’ of technological advancement greatly reduced the cost of international trade and investment, thus making it possible to organize and coordinate global production” ((http://www.un.org/en/development/desa/policy/cdp/cdp_background_papers/bp2000_1.pdf).
The phenomenon of Globalization is a concept created by the experiencing world of intervention and innovation. Technology can be defined as the socialized knowledge of producing goods and services. We can describe the term technology with five important elements: production, knowledge, instruments, possession