Ideas:

- Internet is a key reason to fast tracking the globalization process

Definition:
Globalization
- The world is interconnected (obviously)
- There’s hierarchy between countries thanks to economic standings
- Something to do with the internet (memes and what not)
- Language
- Globalization = efficiency, increased connectedness, as well as increased access to
information
- Globalization (in terms of trade) means increased specialization (Countries will tend to
focus their production in products/services they excel) as well as increased
competitiveness (companies/countries will focus on lowering the costs of goods and
services since this means increased chances of obtaining their goods and services)
- Globalization can be problematic- 1. locally produced goods may tend to cost higher
than goods produced in other countries. This means there may become preferences
towards foreign goods
- This implies greater reliance towards foreign entities/countries in supplying
certain goods (other countries may use this as a way to exert dominance/power
over “dependent” countries)
- Globalization can be problematic 2. Concept of language dominance & cultural dilution
- Globalization brings more options/variability for consumers
- Intent of globalization: make our lives easier
- Cultural Exchange
- Glocalization
- like globalization but you tailor it to a specific country
- People, products, and culture are more freely exchanged

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Summarized version to be inputted in the diagram
Group’s Definition
- Globalization is the process of how different countries become interconnected with one
another. The internet is one of the key aspects that facilitates the acceleration of the
globalization process.
Cons
1. More palpable hierarchy between countries
2. Increased specialization and competitiveness in the production of goods and services
which may negatively impact the local industries
3. Greater reliance and dependency towards foreign entities which may lead to instability
4. Poses a threat to cultural diversity which may result in cultural dilution

Pros
1. Barriers between cultures and countries are lowered and thus leading to more
convenient cultural exchanges
2. Increased variability in the products and services available for consumers which results
to the promotion of economic growth
3. Central to globalization is the concept of connectedness which is supported by the
internet and more avenues for information exchange
4. Glocalization, a product of globalization, may encourage innovation
5. People, products, and culture are more freely exchanged