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WHAT IS GLOBALIZATION?

Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place. Globalization also captures in its scope the economic and social changes that have come about as a result.

Main Point For Globalization
Globalization refers to the spread of the flow of financial products, goods, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.

[Advantages And Disadvantages]
ADVANTAGES
A larger market for goods and services

Cheaper consumer prices

Outsourcing can benefit both domestic firms and foreign labor

Increased standard of living

DISADVANTAGES
Concentrates wealth in richer countries

Some poorer countries can be left behind

Poorer countries can be exploited of their labor and physical & intellectual resources

Cultures and the products consumed around the world can become homogenized

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