Question

In your own words, explain the term "globalization" in the context of economics and in the context of culture. What technologies are making this process possible? What types of changes (economic and cultural) are occurring as a result of these processes? Is everyone benefitting equally? Why or why not?Explain whether you think it is a "good" thing or not, using examples.

Answer 1

Answer:

As explained below.

Explanation:

• Globalization is the process of transformation of people, money, and material from local to the global worldwide level. It's the integration and interaction of business and customers across or beyond borders.  

• Economic globalization includes the goods, services, technology, and capital and data to the expanding global markets where activities of exchange of goods and services take place.  

• Currently FDI, export and import and trade blocs all have risen due to technological processes that make the single market economy.

• The cultural globalization refers to the transfer of an idea, meanings and moral values around the world in such a way that extends the social relations. Technology has made possible the cross-culture communication and everyone has benefited from it.

• Thus globalization is good as long as it keeps the world connected and eliminating gender disparities.