Globalization: Economic Integration, Characteristics, and Impact

Globalization is a fundamentally economic process of progressive global integration of markets and companies.

Characteristics of the Global Economy:

• Use of telecommunications, creating a global market
• Applying liberal economic policies: creation of free trade areas and common markets
• Internationalization of companies, transportation, and production: multinational

Globalization in Our Life:

• Technological advances
• Financial transactions
• Transport

Cultural Homogenization:

Diffusion of Western cultural customs and habits

Cultural Hybridization:

Process in which cultural practices that stay separately combine to form new objects and cultural practices, such as music

Problems:

• Socioeconomic inequalities
• Natural environment damage
• Fundamentalism and intolerance
• Organized crime