In the simplest terms globalisation is the greater integration of the world. This means that different countries, organisations, businesses have through the exchange of ideas, policies, cultures, and the interaction of economies become increasingly interconnected. Globalisation has been described as the “death of distance”.
Globalisation is not new - but its scale and scope has increased dramatically over the last 50 years.
Key Factors in Globalisation
In real terms it means that big companies are no longer just national companies but are international players in a world market. Brands such as Starbucks and McDonalds are internationally recognisable by their logos alone, even in countries that could be considered to be less well developed. Chinese companies such as Alibaba, and Indian companies such as Tata, have also contributed to globalisation.
Globalisation has meant a clear increase in the volume of international trade, and the opening of new trade routes, for example the “New Silk Road”. It has also resulted in the concept of the global economy, in which there is now a greater sense of economic interdependence.
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