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Globalization is changing the way we live our lives every day. It has become a reality
presenting us with both opportunities and challenges. The ideaof glo- balization is not
new, ti has evolved over the years. The term 'globalization' got its present meaning in the
1980s, though it had first been used for a different processalmost 20yearsearlier.

There are innumerable definitions, varying in range and scope, describing globalization
as a multifaceted phenomenon. Some definitions of globalization stress convergent
patterns of production and consumption and a homogeniza- tion of culture, while others
stress the potential of globalization to take many diverse and hybrid forms

In economics, globalization is linked to the development of a global common

market, based on the freedom of g o o d sand capital exchange. As companies
grow, they look for new markets to enter in order to sell their products to
a greater number of customers. Globalization allows for the liberalization of in-
ternational trade leading to an increased volume and variety of cross-border
transactions.

Growth in free trade increases both the prosperity of countries and wealth of nations but,
on the other hand, results in their interdependence on one ano- ther. Globalization is often
used for its financial connotations but its aspects also include:
- political - the rise of supranational governance and the growth of inter- national law;
- informational- increase in information flows between geographically
remote locations;
cultural- growth of cross-cultural contacts and diversity on the one hand,
increasing similarities between cultures on the other and the spread of pop culture; and
- ecological - the advent of challenges on a global scale, such as, e.g., envi- ronmental
pollution, loss of biodiversity of the planet, climate change.

Due to the widespread impact of globalization it is not surprising that people perceive it
in many different ways. Supporters of the process vouch for its long-term positive effects
while adversaries stress its negative influence.
The following table presents some of the frequently voiced benefits and costs of
globalization