The paper "Globalization and Economic Development " is a great example of macro & microeconomics coursework. Globalization is the process by which industries, as well as countries, become interconnected over time. This mainly results from the process of cultural integration, exchange of ideas, products as well as services across the globe. With this in mind, globalization has contributed to the development of economies and expansion of the industries across the world. Even though globalization has achieved tremendous success, it has negatively affected local economies as well as cultures which have had detrimental effects on how the countries are managed in the long run.
One of the major components of globalization has been in the transport and the trading sector where various products and services have ventured across the globe thereby improving the interaction process. The transport sector mainly involves the movement of the containerships, actions of the jet engines, steamships, and locomotive which laid the foundation of the transport sector across the globe. On the other hand, globalization lays a foundation where various sectors such as education, politics and the economic sector are intertwined together across the world and through this improving the relationship between the countries involved.
This helps in promoting unity and the relationship between countries given that cease from operating in isolation which is necessary for their economic progress. Globalization was mainly fostered by the changes and technological innovation in transportation which further facilitated the movement of people from one area to another. Globalization of Culture Cultural globalization involves the spread of the values, meanings and ideas from one country to another. It is mainly aided by the movement of the people and at the same time helping in increasing the social interactions across the globe.
Furthermore, the globalization of culture is further facilitated by the use of the internet and social media which has increased the interaction between different people across the globe who has established social networking.
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