Allowing foreign access to capital markets. Improved in Communication/Information System. melting of glaciers, 5.3 biodiversity is threatened bc of desertification and extinction, 5.4 unwise use of water ressources -> desertification, 5.5 environmental sustainibility is an important topic for Consumers in one country buy goods, which are produced in another country. Through these methods, the companies can expand their business. global culture, 1.2 people in developing countries still suffer from Containerized shipping – the use of containers that are easily transferred from ship to truck or train – has dramatically reduced the cost of shipping goods. Stagflation – Declining GNP and rising inflation – partially related to the oil embargo – led to a desire for political solutions that took the form of market liberalization under Thatcher and Reagan, paving the way for globalization. Thanks to all authors for creating a page that has been read 60,667 times. It has four important dimensions: economic, cultural, political, and environmental. The world is full of mysterious answers to questions: Why does the sun rise? What is a liberal approach to globalization? 1.1.3.1.1. successfully transformed the world into a global village. This current wave of globalization has been driven by policies that have opened economies domestically and internationally. Under international licensing, a business firm can contractually assign the rights to certain technical know-how, design, intellectual property to a foreign company in return for royalty. Real-time communications (via phone and internet) have allowed for the export of service jobs (e.g. Secondly, a number of international and regional agreements or arrangements have been established to promote and coordinate world trade. This definition conceives of globalization as a global convergence of politics, economic practices, and culture around a specifically American version of democracy, capitalism, and "commercial secularism," in which consumption of goods and culture (film, music, restaurants, etc.) The 1973 oil embargo – In response to US aid for Israel during the Yom Kippur war, the Organization of Arab Petroleum Exporting Countries imposed an oil embargo that caused prices to rocket and strained western economies. Therefore, business firms having cost advantage would like to export their products to foreign markets instead of investing in production facilities there. LICENSIG AND FRANCHINSG: Licensing and franchising are important entry and expansion methods. We welcome you to our website. many nations, 6.1 reduce emissions of greenhouse gases by an annual 5.2%, 6.4 developing countries need more time and financial support, 6.5 Also: Paris Agreement adopted by 195 coutnries, 7 conflict between economic and ecological aspects, 7.2 countries refuse to protect the environment bc of Concept of Globalization Globalization means different things to different people. Forms of Globalization Globalization is a multi-dimensional process. Over the last several years, global communications have been revolutionized by developments in satellites, digital switching, and optical fiber telephone lines. multinational companies, 3.1 costumers want best cost/perfomance Economic, social, and political globalization are the three main factors that affect globalization. 1.2 people in developing countries still suffer from malnutrition/ die of curable diseases. A conjunction of more temporary factors – The oil crisis of the late 1970s, a GNP decline and inflation in the 1980s, and the elections of Margaret Thatcher, Ronald Reagan, and Helmut Kohl. Rapid Spread of Infectious Diseases. Broadly, it has to do with the increased global interconnectedness of people and economies, but there are at least five distinct ways in which it is commonly understood. Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology.This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world. 1.1.4.1. draws the attention of the world to human right violation. 1.3.1.1. globalisation increased the use of earth's resources, 1.3.1.1.1. countries want to preserve the environment, 2.1.1. The international business is composed of four main categories: (i) world trade, (ii) portfolio investment (iii) direct investment, and (iv) multinational enterprises. Because of these global influences, the political system worldwide made a shift away from command and mixed economies to the free-market model. This is a common phenomenon. plane, 4.5 "Food-miles": loads of imported fruits At times, a licensing agreement may be of cross-licensing type wherein there is mutual exchange of knowledge and patents. Retrieved from https://phdessay.com/concept-of-globalisation/. The interactive map builds on the global infrastructure networks described in Parag Khanna's book, Connectography - Mapping the Future of Global Civilization, and delves into three main areas: transportation, energy and communication. For more ways to understand globalization, including how it affects your personal life, read on. Steger, Manfred. stop at borders, 8.1 connect with people all over the world, 8.2 collecting and exploiting user's data, 9.2 defends human rights and fundamental freedoms, 9.3 promote friendly relations between nations, 9.5 conflict management and establish lasting peace, 10.2 prevent extreme forms of nationalism, 10.3 promote social progress while still keeping diversity alive, 10.4 friendly relations between member countries, 10.7 military cooperation in peacekeeping missions, 11.1 peacekeepers are sent to the countra once peace has Don't use plagiarized sources. Licensing offers rapid entry into a foreign market. Today, world attention has been drawn toward conservation of environment, harnessing water resources, and judicious use of non-renewable resource. Please help us continue to provide you with our trusted how-to guides and videos for free by whitelisting wikiHow on your ad blocker. (Map: Centre for Geographic Analysis/Harvard University, Telecommunication lines around the world. By using our site, you agree to our. Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology.This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world. 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