What is globalization? Reasons for enhanced pace of globalization and its advantages and disadvantages

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Globalization refers to the process of increased interconnectedness and interdependence among countries, economies, and societies around the world. It involves the exchange of goods, services, technology, information, and culture across national borders. Globalization is not merely an economic phenomenon but also a social, cultural, and political process that has transformed the way people live, work, communicate, and interact globally. It has led to the creation of a “global village,” where events in one part of the world can have significant effects elsewhere, fostering both opportunities and challenges. One of the primary reasons for the enhanced pace of globalization is advancements in technology. Communication technologies such as the internet, mobile phones, and satellite networks have drastically reduced the time and cost of exchanging information. These innovations allow businesses to coordinate activities across countries in real-time, facilitating international trade, outsourcing, and investment. Similarly, transportation advancements, including faster and more efficient shipping, air travel, and logistics systems, have made it easier to move goods, services, and people globally. This technological integration has accelerated the flow of information, capital, and resources, driving global interconnectedness. Economic liberalization and policy reforms are another major factor contributing to globalization. Many countries have reduced trade barriers, tariffs, and quotas, and have adopted free-market policies to attract foreign investment. International organizations such as the World Trade Organization (WTO), International Monetary Fund (IMF), and World Bank promote global economic cooperation, facilitate trade agreements, and provide financial support to ______ ___________ _________ ___ ____________ _______ ____________ ____________ ____ ____ ______ __.
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Degree : MASTER DEGREE PROGRAMMES
Course Name : Master of Arts (Urban Studies)
Course Code : MAUS
Subject Name : Sustainable Development and Smart Cities
Subject Code : MEDS 48
Year : 2024 2025