Globalization (in the broad sense) ○ Spread of; manufacturing, services, markets, culture, lifestyle, capital, technology and ideas across national boundaries and around the world. ○ Also the integration of these geographically dispersed economic and social activities.

Factors which help the spread of globalization ○ Low transport costs ○ Telecommunications ○ Internet ○ Low trade barriers ○ Political stability

Benefits of Globalization ○ Get goods and services from around the world ○ Greater connectivity, ease of communication ○ Speeds up economic development

Costs of Globalization ○ Offshoring: Move production facilities to other countries because of cheap labor ○ Outsourcing: Hire overseas companies to produce parts or services ○ Diseases are spread more quickly ○ Financial crisis in one country can greatly spread to others ○ Loss of culture

Globalization can lead to… ○ Cultural Diffusion: the spreading of culture from one group to another ○ Acculturation: adapting to or borrowing traits from another culture ○ Cultural Convergence: different cultures become similar or come together ○ Cultural Divergence: societies or groups become dissimilar over time