sst-0541

Globalization, what is globalization? I think that it takes on a few different definitions in one sense of the word. Globalization means proliferation of transactions across country. So, one way of thinking about globalization is a way to describe, increase international communications, more trade happening between countries and be less self-sufficient in providing goods and services to their people and more companies that have offices in multiple countries, which we call multinationals. So, the source of growth in travel and communication and corporate trade across borders. And this way of thinking about globalization is the continuation of thinking that has been around for a long time, such as when the Europeans went to the Orient, to find spices, which was also an example of global trade and communication. Another way to think of globalization though, is an economic system. It is a system in which countries become integrated in a way that never had been before. In this system, we see a global split in the process between consuming and producing goods. Some countries produce goods, some countries consume goods, and then these countries in different areas of the globe depend on each other in a kind of organic solidarity rather than having an economic system being just inside your country. The system is the way economy in your country functions depends on economy of another country. And in fact this way of thinking about globalizations represents a new area of economic progress. The past industrialist economy has been a global issue.

Globalization refers to the expansion of international transactions, communications, and trade among countries, leading to reliance on multinational companies. It describes a shift from self-sufficiency to interconnected economies, where goods are produced and consumed globally. This evolving economic system marks a significant progression from past industrial practices, reflecting a deeper integration of countries in trade and economic functions.