Globalization Notes (taken from the video link nga gng give ni ms sa contemporary world)

Globalization is the term used to describe the way countries are becoming more interconnected both
economically and culturally

Globalization is an international process driven by trade, investment, technology and finance

This process has effects on the environment, culture, political system, economic development and
prosperity and on human physical well-being in societies around the world

Globalization is not new though for thousand of years, people and later corporations have buying from
and selling to each other in France at great distances

one example is the silk road across Central Asia that connected China and Europe during the middle ages

Over the past twenty years, there have been significant developments in communications and transport
technologies

The introduction of specialized bulk carriers and container ship has helped to reduce the cost of
transport and greatly increase the volume of the world trade

Recent developments in communication technology especially the development of the internet and
email enable people anywhere on earth to have access to and distribute vast amounts of information

The production and the distribution of goods and services are increasingly dominated by very large
companies known as transnational operations

The business links of transnational corporations create a more integrated world economy where
decisions made in one country can affect people in other parts of the world

International trade has given countries access to goods and services they are unable to produce for
themselves or can obtain more cheaply from other places