What is globalization?

Answer:

Generally, globalization means a process by which regional economies, societies, and cultures have become integrated through a global network of political ideas through communication, transportation, and trade.

Many people think that this world has no borders because we are so connected, but others complain that globalization is making the rich richer and the poor poorer. As far as the consumer is concerned, he can get what he wants in any country and as far as a company is concerned, it can get customers throughout the world. Wealthy companies seek the cheapest labour in any part of the world, to drive down the cost of production and increasing profits.

When used in an economic context, it refers to realization of a global common market, based on the freedom of exchange of goods and capital
When used in an industrial context, it refers to emergence of worldwide production markets and broader access to a range of foreign products for consumers and companies.
When used in a financial context, it refers to emergence of worldwide financial markets and better access to external financing for borrowers.
When used in a political context, it refers to the creation of a world government which regulates the relationships among governments and guarantees the rights arising from social and economic globalization.