Globalization\

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Globalization in short is how our world is becoming more and more like one
country each and every day.There are several definitions and all usually mention
the increasing connectivity of economies and ways of life across the world. The
Encyclopedia Britannica says that globalization is the "process by which the
experience of everyday life ... is becoming standardized around the world." While
some scholars and observers of globalization stress convergence of patterns of
production and consumption and a resulting homogenization of culture, others
stress that globalization has the potential to take many diverse forms.

Globalization is the term used to describe the changes in societies and the
world economy which results in increased international trade and cultural
exchange. It describes the increase of trade and investing due to the falling
of barriers and the interdependence of countries. In economic contexts, it
refers to the effects of trade, particularly trade liberalization or "free trade".
More broadly, the term refers to the overall integration, and resulting
increase in interdependance, among global actors.
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From 1910 to 1950, a series of political and economic upheavals
dramatically reduced the volume and importance of international trade. But,
these trends reversed starting with WWI and continuing through WWII,
when the Bretton Woods institutions were created (i.e. the IMF and the
World Bank). After World War II, international trade dramatically expanded,
fostered by international economic institutions and rebuilding programs.
From the 1970s, the effects of this trade became increasingly visible in
terms of benefits and disruptive effects.

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It is useful to distinguish economic, political, and cultural aspects of
globalization, although all three aspects are closely intertwined. The other
key aspect of globalization is changes in technology, particularly in
transport and communications, which it is claimed are creating a global
village.
Thus, globalization is the result of systemic trends manifesting the market
economy's grow-or-die dynamic, following the rapid expansion of
transnational corporations. This is a multi-faceted and irreversible
phenomenon within the system of the market economy and it is expressed
as: economic globalization, namely, the opening and deregulation of
commodity, capital and labor markets which led to the present form of
neoliberal globalization; political globalization, i.e., the emergence of a
transnational elite and the phasing out of the all powerful-nation state of the
statist period; cultural globalization; ideological globalization; technological
globalization; social globalization.

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The timing debate is the basis of much disagreement amongst globalization

scholars. The field is largely divided into two separate camps with opposing
views:

1Globalization is not a new phenomenon - its origins stretch into the distant past,
and it is merely a continuation of a very olprocess.

2Globalization is a product of the contemporary world - it is an unique entity

which is discontinuous with the past.

Three date lines of globalization

1989 end of cold war / disintegration of USSR (Union of soviet socialist republic)
1992 sustainable development conference (Rio Di Jinro)
1995 free trade agreement / WTO

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