What is Globalization?

Globalization is a process that allows economies, cultures and nations from diverse places to become integrated through communication, trade and exchange. The term is used mostly to describe economic globalization; however it can be used to describe the exchanges in popular culture as well. The integration of cultures and nations can happen through trade, foreign direct investment, capital flows, migration and, importantly, technology.

The term “globalization” was coined by an American entrepreneur, Charles Taze Russell, who also came up with the term “corporate giants” in 1897. The term did not come into fashion with economists and social scientists until the 1960’s.

The idea of globalization is not necessarily new. It has been happening for thousands of years. People would travel great distances to trade their goods with other countries. There is the famed Silk Road that was the connection between China and Europe during the Middle Ages, as just one example. However, the true origins of the history of globalization are still the subject of ongoing debate.

One of the most potent drivers of globalization has been technology. As technology has advanced so has the increase in globalization. The easier it is for cultures, businesses and economies to communicate with each other the easier it is to exchanges ideas, goods and services.

There is a fair amount of controversy surrounding globalization. Some advocates say that allows developing nations grow their economies while others say that is hampers local enterprise and local growth.

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