Globalization or (globalisation) is the process by which the people of the world are unified into a single society and function together. Globalization is often used to refer to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. This process is usually recognized as being driven by a combination of economic, technological, socio-cultural, political and biological factors. The term can also refer to the transnational dissemination of ideas, languages, or popular culture.
Globalization means increasing the interdependence, connectivity and integration on a global level with respect to the social, cultural, political, technological, economic and ecological levels.
Effects of globalization:-
enhancement in the information flow between geographically remote locations
the global common market has a freedom of exchange of goods and capital
there is a broad access to a range of goods for consumers and companies
worldwide production markets emerge
free circulation of people of different nations leads to social benefits
global environmental problems like cross-boundary pollution, over fishing on oceans, climate changes are solved by discussions
more transborder data flow using communication satellites, the Internet, wireless telephones etc.
international criminal courts and international justice movements are launched
the standards applied globally like patents, copyright laws and world trade agreements increase
corporate, national and subnational borrowers have a better access to external finance
worldwide financial markets emerge
multiculturalism spreads as there is individual access to cultural diversity. This diversity decreases due to hybridization or assimilation
international travel and tourism increases
worldwide sporting events like the Olympic Games and the FIFA World