Globalization (Globalisation in British English
) is an umbrella term
for a complex series of economic
changes seen as increasing interdependence
, integration and interaction between people and companies in disparate locations. The phenomenon has been noted since the 1980s in the context of sociological
study on a worldwide scale. The concept has been referred to as The shrinking of time and space.
The term "globalization" is used to refer to these collective changes as a process, or else as the cause
of turbulent change. The distinct uses include:
Economically and socially positive: As an engine of commerce
; one which brings an increased standard of living
to developing countries
and further wealth
to First World
and Third World
countries. This view claims that economic prosperity brings about social prosperity.
Economically, socially, and ecologically negative: As an engine of "corporate imperialism
"; one which tramples over the human rights
of developing societies, claims to bring prosperity, yet often simply amounts to plundering
. Negative effects include cultural assimilation
via cultural imperialism
, the export of artificial wants, and the destruction or inhibition of authentic local and global community, ecology and cultures. This view claims that Western corporations only have a negative impact on third world countries.
Bringing situations which take place in the margins into the centre: As with Susak expo
where an event located outside the world art centres, for a specified period of time moves to the forefront of the Art establishment, rivalling more established events like the Venice Biennale
Definitions of globalization are almost all highly subjective, depending on the definers position (Globalization or Anti Globalization view) and experiences. 
A typical - but restrictive - definition can be taken from the International Monetary Fund
, which stresses the growing economic interdependence of countries worldwide through increasing volume and variety of cross-border transactions in goods and services, free international capital flows, and more rapid and widespread diffusion of technology. Although that definition is more narrowly related to economic globalization
, most others appear to agree that globalization is a more extensive civilization
concept with diverse economic, political, cultural, and technological aspects that may be closely intertwined.
Main article: History of globalization
Since the word has both technical and political meanings, different groups will have differing histories of "globalization". In general use within the field of economics and political economy, however, it is a history of increasing trade between nations based on stable institutions that allow firms in different nations to exchange goods and services with minimal friction.
The term "liberalization" came to mean the acceptance of the Neoclassical economic model which is based on the unimpeded flow of goods and services between economic jurisdictions. This led to specialization of nations in exports, and the pressure to end protective tariffs and other barriers to trade. The period of the gold standard and liberalization of the 19th century
is often called "The First Era of Globalization". Based on the Pax Britannica
and the exchange of goods in currencies pegged to specie, this era grew along with industrialization. The theoretical basis was David Ricardo
's work on Comparative advantage and Say's Law
of General equilibrium. In essence, it was argued that nations would trade effectively, and that any temporary disruptions in supply or demand would correct themselves automatically. The institution of the gold standard came in steps in major industrialized nations between approximately 1850
, though exactly when various nations were truly on the gold standard is cont