Globalization has been a buzzword for a while now, and while you’ve probably heard of it, you might not be sure what exactly it means. Thankfully, it’s actually not as complicated as it might sound! The definition given by the World Economic Forum states it’s simply goods and people being able to move easily across borders. This can mean economic exchange, but also cultural exchange. Read on to learn more about this interesting phenomenon.
It’s Driven by New Technology
The incredible explosion of technological progress in recent decades has made great strides in helping the world become more interconnected. It started with inventions in transportation during the Industrial Revolution, as people began to travel by railroad, cars and airplanes, and continued with high-tech inventions like the telephone and later the Internet. With the help of technology, ideas can make their way across the globe today with unprecedented speed.
It Entails Human Migration
If globalization means easily moving between countries and across borders, it naturally entails people moving around. This migration allows benefits like access to labor and ideas that would have otherwise been out of reach. However, with immigration come legalities that you should be aware of. Fortunately, this is one thing you don’t have to handle alone. For instance, an immigration attorney in Altamonte Springs could be helpful as you navigate this new global community.
It’s Supported by Trade
Since it’s easier than ever to exchange goods and services across borders, international trade has become central to the new globalized economy. In fact, it’s been estimated that up to a third of the U.S. economy could be accounted for by trade alone. This means that today’s global citizens can enjoy access to new products and ideas faster than ever before.
Globalization has been an important and fascinating phenomenon in recent decades. By bringing together people, goods and ideas from all over, globalization may help create a more interconnected and prosperous world for years to come.