Globalisation refers to the process by which the world’s local and regional economies, societies and cultures have become integrated together through a global network of communication, transportation and trade. With reference to industry it is also the shift to a globalised economic system dominated by supranational (across and above the governments of nations) corporate trade and banking institutions.
There are three main forms of globalisation:
- Economic globalisation – the growth and spread of transnational corporations, the rise of NICs, the rise of global economic institutions like the IMF and World Bank.
- Cultural globalisation – initially this was the impact of Western culture, art, media, sport and leisure pursuits on the rest of the world. This is now a multidirectional process, as cultural aspects move all over the globe through the Internet and migration. Hollywood is now rivalled by Bollywood and Nollywood for example!
- Political globalisation – institutions like the Uni...
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