Globalization and its Implications

Globalization is the term used to describe the condition that prevails when communication, people, goods, services, and capital move more freely across borders (Friedman, 4-8). Often globalization is the result of technological improvement that facilitates communication and transport and economic liberalization that gives people the freedom to make use of them. It is the most important international phenomenon of the early 21st century, touching almost all aspects of life, politics, and business.

Globalization is an international extension of free markets and open societies. In effect, it is capitalism without borders. In closed societies, people are limited to what is ...