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Globalization has grown due to advances in transportation and communication technology.With the increased global interactions comes the growth of international trade, ideas, and culture.Globalization or globalisation is the process of interaction and integration among people, companies, and governments worldwide.As a complex and multifaceted phenomenon, globalization is considered by some as a form of capitalist expansion which entails the integration of local and national economies into a global, unregulated market economy.Since its inception, the concept of globalization has inspired competing definitions and interpretations.Its antecedents date back to the great movements of trade and empire across Asia and the Indian Ocean from the 15th century onward.In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge.Globalizing processes affect and are affected by business and work organization, economics, socio-cultural resources, and the natural environment.
Without reference to such expansive spatial connections, there can be no clear or coherent formulation of this term. A satisfactory definition of globalization must capture each of these elements: extensity (stretching), intensity, velocity and impact.In The Consequences of Modernity, Anthony Giddens writes: "Globalization can thus be defined as the intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa." In 1992, Roland Robertson, professor of sociology at the University of Aberdeen and an early writer in the field, described globalization as "the compression of the world and the intensification of the consciousness of the world as a whole."Although in its simplistic sense globalization refers to the widening, deepening and speeding up of global interconnection, such a definition begs further elaboration. Globalization can be on a continuum with the local, national and regional.At one end of the continuum lie social and economic relations and networks which are organized on a local and/or national basis; at the other end lie social and economic relations and networks which crystallize on the wider scale of regional and global interactions.In the late 19th century and early 20th century, the connectivity of the world's economies and cultures grew very quickly.The term globalization is recent, only establishing its current meaning in the 1970s.