What is the definition of the term 'globalization' and what are some of its economic and social impacts?

Globalization refers to the increasing interconnectedness and interdependence of the world's economies, cultures, and populations. This phenomenon is often driven by advances in technology and communication, as well as the liberalization of trade and investment policies.

One of the most significant economic impacts of globalization has been the growth of international trade and investment. This has allowed businesses to access new markets and consumers, leading to increased efficiency and productivity. However, it has also led to concerns about job losses and the exploitation of workers in developing countries.

Globalization has also had a significant impact on social and cultural norms, as people are exposed to new ideas and ways of life from different parts of the world. This has led to greater cultural exchange and diversity, but has also raised concerns about the erosion of traditional cultural values and the spread of Western culture.

Other potential impacts of globalization include environmental degradation, increased income inequality, and political instability. Despite these challenges, globalization is generally seen as a positive force for economic growth and development, and has contributed to the overall improvement of living standards around the world.