Assess The Importance Of The Key Aspects Such As An Aspect Of Globalization

Globalization is a unique term as it generates different concepts among people and aspects such as development inevitably arise. It is the goal of different nations to globalize not only their economies but also their political systems and cultures. Globalization defines how various societies, corporations and countries interact through information technology for business. As a result, globalization influences global elements like politics, cultural aspects, improvement and the environment. For instance, for many years, people have been buying and selling goods to people living in lands that are distant, which is an aspect of globalization.

Although the concept of globalization is new, it is important to note that it has been in use for a while. For

Silk Road was essential since it facilitated the inter-trade between Asia and Central Europe. Nonetheless, technological advancements and restructuring of national policies in the recent past have catalyzed and spurred growth in cross-border trade, immigration, and investments to the extent that economists and international trade experts have concluded that the world is in a new phase of global economic development. In support of this argument, trade volumes recorded from the year 1950 have increased significantly. Similarly, trade volumes have more than doubled from an initial figure of 468 billion dollars to 827 billion dollars. Economists, such as Thomas Friedman, have affirmed that modern globalization is further, faster, and cheaper, and this is due to technological advancements that have made the world a global village (Samimi and Jenatabadi). It is essential to note that the current wave of successful globalization stems from global policies from various governments, which have