Globalization is the name for the gradual shrinking of the world due to increase global communications and multinational business. One example of globalization is a Korean company setting up operations in Delhi to manufacture brake pads designed in China and tested in Japan to be sold in the US. A second example is an Indonesian teenager who lives in Singapore taking on-line classes offered out of a university in London. These examples were not possible 25 years ago before globalization.
Some of the benefits of globalization include: increased free trade among nations, outsourcing (from a financial prospective), off-shoring, jobs gained by people in third world countries, and service efficiency. Some of the disadvantages of globalization include: flow of jobs (skilled and non-skilled) from developed nations to nations with cheap labor.
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