Globalization

Globalization is a concept and a phenomenon that describes the growing global connections, the development of human life based on global scale and the rise of global consciousness. Countries are interdependent in politics, culture and economy due to cross-border trade in goods and services, technology, investment, people and information flows.

Globalization can improve living standards in poor and less developed countries by providing employment opportunities, modernization, and improved access to goods and services. However, it may reduce job opportunities in developed and high-wage countries as manufacturing moves across borders.