globalization
Planetary economic interweaving
Globalization refers to any phenomenon that was formerly localized (confined to a region, country, continent, or the like) and is now “global,” that is, effective or observable around the world.
Electronic communication and improved transportation are the main drivers of globalization.
In an economic context, globalization often is associated with the availability of markets or labor in places where a company does not have a physical presence: Globalization of industrial production is blamed for high rates of unemployment in many developed countries.
Private profit-based economy
- multinational corporationsBusinesses operating in multiple countries
- foreign investmentFunds placed in another country
- financial marketsSystems for trading securities
- outsourcingThird-party task delegation
offshoring · labor migration · GDP growth · deregulation · liberalization · privatization · sweatshops · World Bank
Sharing practices between peoples
- multiculturalismCoexistence of diverse traditions
- diasporaScattered population sharing origins
- transnationalismActivity crossing national borders
- assimilationAbsorbing into a whole
cosmopolitanism · world music · fusion cuisine · cultural identity · Westernization · Americanization · heritage preservation · cross-cultural
Taxes on imports
- importObtain from overseas
- exportForeign-bound sale
- free tradeUnrestricted international exchange
- trade agreementsFormal accords on commerce
supply chain · commodities · shipping · logistics · customs · duty-free · quotas · protectionism
Interconnected computer systems
- digital economyInternet-driven commercial activity
- telecommunicationsRemote signal transmission technology
- social mediaOnline content-sharing platforms
- e-commerceInternet-based buying and selling
automation · digital divide · connectivity · Silicon Valley · cybersecurity · fintech · blockchain · remote work
Mutual joining of parts
- interdependenceReciprocal reliance between entities
- standardizationImplementing uniform technical specifications
- harmonizationCreating consistency across systems
- convergenceProcess of approaching sameness
cooperation · networking · coordination · interoperability · unification · borderless · synchronization · consolidation
Supreme independent authority
- governanceHow authority is exercised
- multilateralismMulti-party international cooperation
- international lawRules governing relations between countries
- supranationalGoverning beyond single states
EU · United Nations · diplomacy · geopolitics · nationalism · populism · decolonization · border control
Planetary atmospheric transformation
- carbon footprintTotal greenhouse gases produced
- sustainabilityCapacity to endure indefinitely
- pollutionEnvironmental harm from waste
- environmental standardsRules governing ecological impact
biodiversity loss · deforestation · ecological footprint · emissions trading · environmental degradation · resource extraction · green technology · overfishing
capitalism
Private profit-based economy
- multinational corporationsBusinesses operating in multiple countries
- foreign investmentFunds placed in another country
- financial marketsSystems for trading securities
outsourcing · offshoring · labor migration · GDP growth · deregulation · liberalization · privatization · sweatshops · World Bank · IMF
cultural exchange
Sharing practices between peoples
- multiculturalismCoexistence of diverse traditions
- diasporaScattered population sharing origins
- transnationalismActivity crossing national borders
assimilation · cosmopolitanism · world music · fusion cuisine · cultural identity · Westernization · Americanization · heritage preservation · cross-cultural · lingua franca
tariffs
Taxes on imports
- importObtain from overseas
- exportForeign-bound sale
- free tradeUnrestricted international exchange
trade agreements · supply chain · commodities · shipping · logistics · customs · duty-free · quotas · protectionism · manufacturing
internet
Interconnected computer systems
- digital economyInternet-driven commercial activity
- telecommunicationsRemote signal transmission technology
- social mediaOnline content-sharing platforms
e-commerce · automation · digital divide · connectivity · Silicon Valley · cybersecurity · fintech · blockchain · remote work · AI
interconnection
Mutual joining of parts
- interdependenceReciprocal reliance between entities
- standardizationImplementing uniform technical specifications
- harmonizationCreating consistency across systems
convergence · cooperation · networking · coordination · interoperability · unification · borderless · synchronization · consolidation · alignment
sovereignty
Supreme independent authority
- governanceHow authority is exercised
- multilateralismMulti-party international cooperation
- international lawRules governing relations between countries
supranational · EU · United Nations · diplomacy · geopolitics · nationalism · populism · decolonization · border control · immigration policy
climate change
Planetary atmospheric transformation
- carbon footprintTotal greenhouse gases produced
- sustainabilityCapacity to endure indefinitely
- pollutionEnvironmental harm from waste
environmental standards · biodiversity loss · deforestation · ecological footprint · emissions trading · environmental degradation · resource extraction · green technology · overfishing · palm oil
- cultural geographyethnic groups, borders, territories, nationalism, migration
- economic historystock market crash, Industrial Revolution, trade routes, Great Depression, gold standard
- economic policymonetary policy, tax policy, fiscal discipline, fiscal stimulus, fiscal restraint
- Global Economicsfree trade, economic development, trade pacts, economic growth, trade blocs
- Global Politicsforeign affairs, international affairs, world politics, foreign relations, diplomatic relations
- political sciencepolitical science, political theory, political behavior, political economy, political institutions
globalizationlocalization
Adapting for specific markets
deglobalization · nationalism · regionalization · localism · autarky
globalizationprotectionism
Shielding local producers
isolationism · economic nationalism · autarky · closed borders · mercantilism
globalizationnational sovereignty
State's ultimate governing power
isolationism · nationalism · self-determination · nativism · separatism
- economic globalizationCross-border financial integration