globalization

Process by which different parts of the globe become interconnected by economic, social, cultural, and political means. Globalization has become increasingly rapid since the 1970s and 1980s as a result of developments in technology, communications, and trade liberalization. Critics of globalization fear the increasing power of unelected multinational corporations, financial markets, and non‐government organizations (NGOs), whose decisions can have direct and rapid effects on ordinary citizens' lives. This has led to growing antiglobalization and anti‐capitalist protests in the 1990s and early 21st century, which have disrupted international trade talks and meetings of international finance ministers. Supporters of globalization point to the economic benefits of growing international trade and specialization.

NGOs criticized by opponents of globalization include the World Trade Organization (WTO), the World Bank, and the International Monetary Fund (IMF). Critics are also concerned about the potential environmental consequences, the risk of eroding distinctive local cultures, and the possible exploitation of workers. Solutions suggested to defuse opposition to globalization include making bodies such as the WTO more politically accountable, and ensuring greater protection of workers' rights.

Global warming and the international operation of financial markets are examples of processes operating on a global scale. The spread of the Internet and satellite communication systems has helped to foster the sense of a ‘global village’, while the collapse of communism has led to the global spread of capitalism, with China joining the WTO in 2001. Globalization has been supported by the development of several major free‐trade blocs – the European Union (EU), the North American Free Trade Agreement (NAFTA), and a planned Association of South East Asian Nations (ASEAN) free‐trade area by 2008.