Advances in transportation (such as the steam locomotive, steamship, jet engine, and container ships) and in telecommunications infrastructure (including the rise of the telegraph and its modern offspring, the Internet, and mobile phones) have been major factors in globalization, generating further interdependence of economic and cultural activities in nations around the world. Globalization is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. economies of scale: The characteristics of a production process in which an increase in the scale of the firm causes a decrease in the long-term average cost of each unit.GATT: A multilateral agreement regulating international trade according to its preamble, its purpose is the “substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis.”.Bretton Woods Conference: Held July 1-22, 1944 at the Mount Washington Hotel in New Hampshire, a gathering of 730 delegates from all 44 Allied nations with the aim of regulating the international monetary and financial order after the conclusion of World War II.Supranational: Beyond the borders or scope of any one nation.globalization: A common term for processes of international integration arising from increasing human connectivity and the interchange of worldviews, products, ideas, and other aspects of culture.In regards to politics, globalization may ultimately reduce the importance of nation states, as supranational institutions such as the European Union, the WTO, the G8 (“Group of Eight”), and the International Criminal Court serve to replace or extend national functions to facilitate international agreement.Many fear that cultural globalization, driven by communication technology and the worldwide marketing of Western cultural industries, is resulting in the global domination of American culture at the expense of other cultures.International institutions, such as the General Agreement on Tariffs and Trade ( GATT ) and the World Trade Organization (WTO), were formed to remove trade restrictions and negotiate and formalize trade agreements.The Bretton Woods Conference from July 1-22, 1944 led to an agreement by major governments around the world to lay down the framework for international monetary policy, commerce, and finance.The process of globalization has increased in recent history due to advances in industrialization, rapid population growth, increased transportation, increased global travel, and the advent of technology such as mobile phones and the Internet. Globalization is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture." Trade Liberalization and Rice Farming in Japan and Heilongjiang China." Accessed May 14, 2021.Īmerican Enterprise Institution. 731-TA-663 (Review)." Accessed May 14, 2021.įood and Fertilizer Technology Center for the Asian and Pacific Region. " Paper Clips From China: Investigation No. United States International Trade Commission. " The New Dynamics of Financial Globalization." Accessed May 14, 2021. " Theorist Eric Maskin: Globalization Is Increasing Inequality." Accessed May 14, 2021. National Sovereignty." Accessed May 14, 2021. " Foreign Direct Investment for Development,". Organisation for Economic Co-operation and Development.