What is globalization? Enumerate three forces of globalization.

Globalization refers to the interconnectedness and interdependence of economies, societies, cultures, and institutions on a global scale. It involves the movement of goods, services, capital, information, and ideas across national borders, breaking down barriers and creating an integrated global economy.

Three key forces driving globalization are:

1. Technological Advances:

   • Rapid advancements in technology, particularly in communication and transportation, have significantly reduced the time and cost of connecting distant parts of the world. The internet, mobile communications, and transportation innovations have facilitated the seamless flow of information, goods, and services globally.

2. Economic Liberalization and Trade Agreements:

   • Policies promoting economic liberalization, free trade agreements, and the removal of trade barriers have fostered global economic integration. Organizations such as the World Trade Organization (WTO) work to facilitate international trade by reducing tariffs, quotas, and other restrictions, encouraging cross-border commerce.

3. Global Capital Flows:

   • Increased mobility of capital across borders, driven by financial markets, multinational corporations, and investment opportunities, is a significant force in globalization. Capital flows freely between countries, seeking the most favorable conditions for investment, leading to global capital markets and increased financial interconnectedness.

These forces collectively contribute to the interconnected and interdependent nature of the globalized world, influencing economic, cultural, and social interactions on a global scale.