Globalization Is A Process Of Interaction And Integration Among The People

826 Words Sep 2nd, 2015 4 Pages
Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world (What is Globalization, 2015).
Globalization is not as new of a concept as many believe. Individuals and corporations have been buying and selling across international borders for thousands of years. In Ancient times, the Egyptians used the Red Sea to import silk and spices from Arabia. During the Middle-Ages the Silk Road became a major route of international trade between China, India, and Persia. Throughout the centuries that followed, the systems of international trade continued to expand and develop. The same is true for international investments. For centuries, corporations and individual investors have invested in enterprises of foreign countries.
International trade and investments have seen the largest growth and development over the past few decades. The growth can largely be attributed to policy and technological developments. In fact, the growth has been so significant that many economists believe the world has collectively entered a new phase in economic development. Since 1950, for example, the volume of world trade has increased by 20 times, and from just 1997 to 1999…

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