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globalization - Coggle Diagram
globalization
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Definition
The spread of the flow of financial goods, products, technology, information and jobs across national borders and cultures.
driving forces
Globalization is propelled by economic shifts like trade agreements and multinational corporations, technological advancements facilitating faster communication and transportation, political changes favoring free markets and deregulation, social factors such as increased travel and mass media, and environmental challenges requiring international cooperation. These forces intertwine to create a more interconnected world.
Effects
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- Create jobs and boost economic growth
- Improve industries and infrastructure.
- Increased revenue and economic participation on the global stage.
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- Risk of exploitation of cheap labor and lax environmental regulations .
- Struggle to compete with imports