What is globalization?
Globalization is the process by which businesses and organizations develop market influences in international locations in order to scale. Globalization is the distribution of products, technology, information, and jobs across national borders and foreign countries.
Globalization describes an interdependence of nations around the globe fostered through free trade. An advantage of globalization is that it can raise the standard of living in low income and underdeveloped countries by providing job opportunity, modernization, and improved access to goods and services.
A primary disadvantage is that it can destroy job opportunities in more developed and high-wage countries as the production of goods moves across borders. The growth of globalization is often determined by applying world trade as a percentage of gross domestic product. The larger the amount of globalization, the greater the amount of globalization will exist.
Factors that drive globalization include technological enhancements, transportation movements, lower wages and lower raw materials, and less regulation on trade:
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