Globalization is the process in which people, ideas and goods spread

throughout the world, spurring more interaction and integration between the
world's cultures, governments and economies.

The term is most frequently used in reference to creating an integrated global

economy marked by free trade, the free flow of capital and corporate use
of foreign labor markets to maximize returns. However, some use the
term globalization more broadly, applying it to the movement of people,
knowledge and technology across international borders; some also apply it to
the free flow of cultural, environmental and political discourse.

History of globalization

Globalization as a term came to prominence in the 1980s. Although many

consider this process a relatively new phenomenon, globalization has been
happening for millennia. The Roman Empire, for example, spread its
economic and governing systems through significant portions of the ancient
world for centuries. Similarly, the trade routes of the Silk Road carried
merchants, goods and travelers from China through Central Asia and the
Middle East to Europe and represented another wave of globalization.
European countries had significant investments overseas in the decades prior
to World War I, prompting some economists to label the prewar period as an
earlier golden age of globalization.

Globalization has ebbed and flowed throughout history, with periods of

expansion, as well as retrenchment. The 21st century has witnessed both.
Global stock markets plummeted after the Sept. 11, 2001, terrorist attacks in
the United States, but rebounded in subsequent years.

Overall, however, the early 21st century has seen a dramatic increase in the
pace of global integration, driven primarily by rapid advances in
technology and telecommunications. In general, money, technology and
materials flow more swiftly across national boundaries today than they ever
have in the past. The flow of knowledge, ideas and cultures are flowing with
increasing speed as well, enabled by the near instantaneousness of
global internetcommunications.

Criticisms of globalization

Globalization has its proponents and its critics, today as well as in the past.
And analyzing the impact of globalization is a complex proposition, as specific
results of globalization are often seen as positives by proponents and
negatives by critics. For instance, while some proponents say globalization
creates new markets and wealth, and promotes greater cultural and social
integration by eliminating barriers; critics blame the elimination of barriers for
undermining national policies and cultures and destabilizing advanced labor
markets in favor of lower-cost wages elsewhere. Similarly, some proponents
point to the rising economies of poor countries benefiting from
companies moving operations there to minimize costs; some critics say such
moves could lower living standards in developed countries by eliminating jobs.