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GLOBALIZATION
Globalization describes a process by which regional economies, societies, and cultures have become integrated through a global network of communication, transportation, and trade. Theterm is sometimes used to refer specifically to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capitalflows, migration, and the spread of technology. However, globalization is usually recognized as being driven by a combination of economic, technological, sociocultural, political, and biological factors. Theterm can also refer to the transnational circulation of ideas, languages, or popular culture through acculturation.
According to the Oxford English Dictionary, the word 'globalization' was firstemployed in 1930, to denote a holistic view of human experience in education. An early description of globalization was penned by the American entrepreneur-turned-minister Charles Taze Russell who coinedthe term 'corporate giants' in 1897, although it was not until the 1960s that the term began to be widely used by economists and other social scientists. The term has since then achieved widespread usein the mainstream press by the latter half of the 1980s. Since its inception, the concept of globalization has inspired numerous competing definitions and interpretations, with antecedents dating backto the great movements of trade and empire across Asia and the Indian Ocean from the 15th century onwards.
The United Nations ESCWA has written that globalization "is a widely-used term that can bedefined in a number of different ways. When used in an economic context, it refers to the reduction and removal of barriers between national borders in order to facilitate the flow of goods, capital,services, and labor... although considerable barriers remain to the flow of labor... Globalization is not a new phenomenon. It began in the late nineteenth century, but it slowed down during the...