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

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Globalization refers to the process of growing interconnection and interdependence among the world’s countries, economies, societies, and cultures. It is the outcome of technological progress, liberalized trade, capital flows, and faster communication systems that have broken down barriers across national boundaries. In simple terms, it is the way people, goods, services, information, and ideas move across borders more freely than before. Globalization is not only an economic phenomenon but also social, political, cultural, and environmental. In the context of sustainable development and smart cities, globalization plays a significant role in shaping strategies, policies, and models of growth by allowing ideas and technologies to flow from one country to another. The pace of globalization has accelerated in recent decades because of multiple reasons. One major factor is technological advancement. Innovations in information and communication technologies, such as the internet, smartphones, artificial intelligence, and big data, have reduced time and distance. These tools enable faster decision-making and real-time interaction among individuals, businesses, and governments worldwide. For smart cities, these technologies provide opportunities for adopting sustainable solutions in transportation, energy, and waste management. Another reason for the enhanced pace is liberalization of trade and investment policies. Countries have opened up their markets through free trade agreements, reduction of tariffs, and ease of foreign direct investment. This has created greater economic interdependence, leading to global supply chains that link producers and consumers across continents. For sustainable development, this integration encourages the spread of green technologies, renewable energy solutions, and eco-friendly infrastructure models that are essential for smart city development. Transportation improvements also explain the rise of globalization. Air travel, container shipping, and advanced logistics have reduced costs and time of moving goods and people. This connects not only major economies but also smaller cities, creating opportunities for them to integrate global practices into local planning. Smart cities benefit by adopting international standards of energy efficiency, clean transport, and digital infrastructure that come through global exchanges. The role of multinational corporations cannot be ignored. These organizations operate across borders, influencing economies, cultures, and environments. They spread technology, innovation, and practices to new regions, accelerating globalization. For instance, technology companies promoting renewable energy or digital solutions contribute directly to the creation of sustainable urban systems. Similarly, international organizations and global forums such as the United Nations, World Bank, and World Economic Forum also push globalization by promoting sustainable policies, funding smart infrastructure, and encouraging global cooperation. Migration and ____ ________ ____ ___________ __ ________ ____________ _________ ___________ ___ ___ _____ ____________ __________ ________.
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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 -048
Year : 2024 2025