Definition

A globalization is that the word wont to describe the growing reciprocality of the

world's economies, cultures, and populations, causedby cross-border exchange product and
services, technology, and flows of investment, people, and knowledge.

Background

In the first century before Christ, merchandisewere transported from China to Europe.

Europeans listed glass and mademerchandise for Chinese silk and spices, and contributed to a
worldwide economy during which Europe and Asia became aware of
merchandise from alternative elements of the planet.

The transportation of those merchandisematerialized on the trade route, that was a network of ancient trade

routes between Europe, geographic region, geographical area, Central Asia, South Asia, and also the Far East.

This was associate degree uncommonprecedent within the history of economic process, as for the

primary time merchandisewere sold-out across continents.

Another important development of economic process occurred within the seventh century AD, with

the enlargement of Arab merchants that created international trade quicker.

In the ninth century, Muslim traders dominated international trade and also the focus of trade nowadays is

spices.

Example globalisation

Because of trade developments and financial exchanges, we often think of globalization as an

economic and financial phenomenon. Nonetheless, it includes a much wider field than just
flowing of goods, services or capital. Often referred to as the globalization concept map,
some examples of globalization are:

 Economic globalization: is the development of trade systems within transnational

actors such as corporations or NGOs;
 Financial globalization: can be linked with the rise of a global financial system with
international financial exchanges and monetary exchanges. Stock markets, for
instance, are a great example of the financially connected global world since when
one stock market has a decline, it affects other markets negatively as well as the
economy as a whole.
 Cultural globalization: refers to the interpenetration of cultures which, as a
consequence, means nations adopt principles, beliefs, and costumes of other nations,
losing their unique culture to a unique, globalized supra-culture;