Globalization is the process or the tendency of integration and increasing interaction among governments, companies, states, people and countries driven by growth of ideas, culture and international flow of funds. The process is driven by investments and trade internationally and helped by information technology. It is affected by cultural and social aspects.
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In certain fields like business it resides in the economic interaction and integration of world markets. It involves technology, capital, data, services and goods. Back in 1820’s, that’s when large-scale globalization was globally felt for the very first time. It is traced from those years. Globalized societies offer forces of web that summon people, beliefs, markets, cultures and practices onto larger proximity to each and one another.
According to Maria Jerskey book on Globalization, she clearly states that as we all step into an era of increased and more global connection, we should be ready to accept much participation as that’s what the age entails (Jerskey, Maria, np). The large number of people from different destinations worldwide access information that’s far and beyond their nation borders and opportunities to make contributions on own opinions and insights. This is aided by the internet access via mobile phones and electronic computers. Failure of an investing bank was witnessed in the US as a result of unwanted subprime loans, this is said to have altered globalization in that it depressed the interbank lending globally, e.g. collapse of Iceland economy impacting the British consumers due to their deposits located on the Iceland banks. A problem or an idea in a single entity affects the globalization of all participating constituents (Jerskey, Maria, np). The unexpected Arab Spring outbreak impacted on globalization in the Middle East adversely in 2011, none had predicted such would have to do with Tunisia.
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