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Globalization is an international phenomenon. It has mainly achieved global penetration of capital including financial, commercial and industrial aspects, and has allowed the world economy, such as mechanisms that comprises of trade, production, and finance to operate in modern open spaces of active integration that intensifies global economic life arising from the ever increasing internationalization of the economic, social conflicts and political-cultural phenomena. Globalization has helped the countries in coming closer to each other and has increased trade between them. According to the International Monetary Fund (IMF) “Globalization is a growing economic interdependence of all countries of the world, caused by the increasing volume and variety of cross-border transactions in goods and services and of international capital flows, while accelerating widespread diffusion of technology.” 


Globalization is a concept that has huge impotance in today's world. There are different aspects and acharacteristics of this concept which will be discussed in this part of the papert. The three major aspects related to globalization are as follows:

Economic and Political Aspects

A process in which includes increased communication and interdependence among countries of the world are unified markets, societies and cultures.

A set of social, economic and political aspects that differ in different countries, and that are approached by a global model.

The predominant modes of production and capital movements on a global scale, driven by advanced countries.

The location in different countries in different stages of production, with components sourced from different countries.

The sale of similar products internationally, with universally accepted standards.

The loss of authority of governments of countries.

Technological Aspects

Globalization is a process resulting from the advancement in technology, telecommunications and transportation.

It provides immediate access to information and potential knowledge, with a view of interconnectivity over the Internet.

Globalization and Prospective

The phasing out of financial borders through the progressive integration of world financial markets.

The impact of ever increasing internationalization of economic processes that has social and political phenomena and cultural issues. It carries with it a tendency which eliminates the following:


Ethnic Differences

Religious Beliefs

Political Ideologies

Socio-economic or cultural, between countries and economic blocs

The creation of a new global economic system, influenced by new technologies and communication.

A trend towards concentration of mass media that limits access to freedom of information and enhances the concentration of economic and financial global scale.

There are certain characteristics of globalization, which are discussed as follows:

The importance of multinationals. Businesses require the support of its funding for scientific and technological infrastructure, tax incentives, preferential access to public markets, and protection in trade negotiations. Simultaneously the same political legitimacy of the state depends on its ability to attract financial capital and innovative businesses and job creators ( 

 The technological revolution in production processes, information, telecommunications and transport. The Toyotism or flexible manufacturing system allows combining the advantages of craft production, also known as product quality with those of mass production (rate and low unit costs). The model is based more on the organization (labor and production) than on technical capability. 

 The dominance of the financial sphere. A small number of operators control the transactions on all world markets interconnected by a ...
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