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• Globalization was derived from the word Globalize. Which refers to the emergence of an international network of the economic system.
• According to Grewal/Levy it is a process by which goods, services, capital, people, information, and ideas flow across national borders.
• According to Manfred Steger, the expansion and iintensification of social relations and consciousness across world-time and across world-space
• According to Arjun Appadurai (anthropologist), that globalization can be divided into the five “scapes”.
• five “scapes”.

  ethnoscape
• five scapes

  ethnoscape

  mediascape

  technoscape

  financescape

  ideoscape
• Industrial globalization – development of worldwide production markets and broader
•  Financial globalization – development of worldwide financial markets and better access to external financing borrowers.
• Economic globalization – establishment of global common market, based on the freedom of exchange of goods and capital.
• Political globalization – creation of international organizations to regulate the relationships among governments and to guarantee the rights arising from social and economic globalization.
•  Informational globalization – increase in information flows between geographically remote locations.
• Cultural globalization – sharing ideas, attitudes and values across national borders.

   
• Elements of Globalization

  Trade Agreements

  Capital Flow

  Migration Patterns

  Information Transfer

  Spread Technology
• Trade Agreements – bilateral, regional, or multilateral economic arrangements designed to reduce or eliminate trade barriers.
• Capital Flow – measurement of increase or decrease in a nation’s domestic or foreign assets.
• Migration Patterns – impact of labor market fluidity on production costs through the loss (emigration) or gain (immigration) of potential workers especially those with particular skills.
• Information Transfer – communication trend that helps mitigate the asymmetric functioning of markets and economies.
• Spread Technology – rapid diversion of the means and methods of producing goods and services.
• The Global Economy - A system of trade and industry across the world that has emerged due to globalization. The origins of a global economy can be traced back to the expansion of long-distance trade during the period of 1450-1640, which Wallerstein has labeled the “long sixteenth century”.

   
• Economic Globalization - It is a historical process, a result of human innovation and technological progress. It refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders. It may also refer to the movement of people (labor) and knowledge (technology) across international borders (IMF, 2008).
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  Economic Globalization Today - Economic globalization remains an uneven process, with some countries, corporations, and individuals benefiting a lot more than others. The series of trade talks under the WTO have led to unprecedented reductions in tariffs and other trade barriers, but these processes have often been unfair.
• Commodity - is a basic physical asset, often used as a raw material in the production of goods or services. To be traded on the markets, a commodity must be interchangeable with another commodity of the same type and grade. That means that ·         to a trader, gold is gold: no matter where it was mined, or which company mined it. The term for this quality in commodities is fungible.
• Capital - Capital is identified with money, wealth. (W. Stafford) - Growth of wealth, surplus value, formed by labour. (K. Marx) - Accumulation of wealth with the help of wage labour. (A. Smith)
• ·         Labor Market - refers to the supply of and demand for labor, in which employees provide the supply and employers provide the demand.
• Global Stratification refers to the hierarchical arrangement of individuals and groups in societies around the world.
• . First World - The Western Capitalist democracies of North and Europe, and other certain nations (Australia, New Zealand, and Japan).
• . Second World – Nations belonging to the Soviet Union.
• Third World – All the remaining nations, almost all of them from Central and South America, Africa, and Asia.
• Modernization Theory – According to this theory, rich nations became wealthy because early on they were able to develop the correct beliefs, values, and practices.
• Dependency Theory – According to this view, the poor nations never got the chance to pursue economic growth because early on they were conquered and colonized by European ones.
• World System Theory - This theory states that some nations become modernized by exploiting other nations.
• Relative poverty -  is the condition in which people lack the minimum amount of income needed in order to maintain the average standard of living in the society in which they live.
• Absolute poverty -refers to a condition where a person does not have the minimum amount of income needed to meet the minimum requirements for one or more basic living needs over an extended period of time.
• Subjective poverty describes poverty that is composed of many dimensions; it is subjectively present when your actual income does not meet your expectations and perceptions.
• International Relations (IR) - is defined as the study of interconnectedness of politics, economics and law on a global level.
• Economic Interdependence - A relationship between countries in which each country is dependent on another for necessary goods or services.
• Economic Integration - A process whereby countries cooperate with one another to reduce or eliminate barriers to the international flow of products, people, and capital.
• Political Integration - It refers to the integration of components within a political system.
• Political Integration - It refers to the integration of components within a political system.
• Intergovernmental Organization (IGO) – or international organization is an organization composed primarily of sovereign states (referred to as member of states), or of other intergovernmental organizations