Signs of a Globalized Country

Globalization has become identified with a number of trends, most of which have developed since World War II. These include greater international movement of commodities, money, information, and people; and the development of technology, organizations, legal systems, and infrastructures to allow this movement. More specifically, globalization refers to:

* Increase in international trade at a faster rate than the growth in the world economy
* Increase in international flow of capital including foreign direct investment
* Greater transborder data flow, using such technologies such as the Internet, communication satellites and telephones
* Greater international cultural exchange, for example through the export of Hollywood and Bollywood movies.
* Some argue that even terrorism has undergone globalization. Terrorists now have attacked places all over the world.
* Spreading of multiculturalism and better individual access to cultural diversity, with on the other hand, some reduction in diversity through assimilation, hybridization, Westernisation, Americanization or Sinosization of cultures.
* Erosion of national sovereignty and national borders through international agreements leading to organizations like the WTO and OPEC
* Greater international travel and tourism
* Greater immigration, including illegal immigration
* Development of global telecommunications infrastructure
* Development of a global financial systems
* Increase in the share of the world economy controlled by multinational corporations
* Increased role of international organizations such as WTO, WIPO, IMF that deal with international transactions
* Increase in the number of standards applied globally; e.g. copyright laws
* Creation of local clusters of competence (Porter's clusters) having a world wide competitive advantage

Many of these trends are seen as positive by supporters of various forms of globalization, and in many cases globalization has been actively promoted by governments and other institutions. For example, there are certain economic arguments supporting globalization, such as the theory of comparative advantage suggesting that free trade leads to a more efficient allocation of resources, with all those involved in the trade benefitting. Conversely, critics of globalization bring different economic arguments, such as those put forward by fair trade theorists, which seem to indicate that unrestricted free trade benefits those with more financial leverage (i.e. the rich) at the expense of the poor.