What is globalization?

Globalization means the interconnection of national economies across the world on

issues such as trade, investment, labor, banking and the movement of people,
goods and services. Countries have built economic partnerships to facilitate these
movements over many centuries.

Why globalization is important?

Globalization alters the way nations and businesses interacts with each other.
Globalization enables businesses in one nation to access another nation's resources.
Countries such as India have lower labor costs (about a third of that of the UK) and
also high skill levels.

How globalization affected every individual?

In many instances, quality of life has improved for those who live in developing
nations. For many developing nations, globalization has led to an improvement in
standard of living through improved roads and transportation, improved health
care, and improved education due to the global expansion of corporations.

Where did globalization took place?

Many scholars say it started with Columbus’s voyage to the New World in 1492.
People traveled to nearby and faraway places well before Columbus’s voyage,
however, exchanging their ideas, products, and customs along the way. The Silk
Road, an ancient network of trade routes across China, Central Asia, and the
Mediterranean used between 50 B.C.E. and 250 C.E. is perhaps the most well-
known early example.

When did globalization started?

Some world historians attach globalization big bang' significance to 1492
(Christopher Colombus stumbles on the Americas in search of spices) and 1498
(Vasco da Gama makes an end run around Africa and snatches monopoly rents
away from the Arab and Venetian spice traders).