Technological advances, especially blockchain, mobile communications and banking, are driving economic globalization. “Globophobia” is used to refer to the fear of globalization, although it can also mean fear of balloons. [27] [28] [29] Since ancient times, people have sought remote places to settle, produce and exchange goods made possible by improvements in technology and transportation. But it wasn`t until the 19th century that global integration gained momentum. After centuries of European colonization and commercial activity, this first “wave” of globalization was driven by steamships, railways, the telegraph and other breakthroughs, as well as by growing economic cooperation between countries. The trend towards globalization eventually faded and collapsed during the catastrophe of World War I, followed by post-war protectionism, the Great Depression and World War II. After World War II, in the mid-1940s, the United States led efforts to revive international trade and investment according to negotiated ground rules, launching a second wave of globalization that continues despite periodic slowdowns and increasing political control. Canadian philosopher Marshall McLuhan popularized the term Global Village beginning in 1962. [183] His view suggested that globalization would lead to a world in which people in all countries would become more integrated and aware of common interests and common humanity.

[184] G20 leaders meet for an annual summit to discuss and coordinate pressing global issues of mutual interest. Although the economy and trade are usually at the heart of the agenda of each summit, issues such as climate change, migration policy, terrorism, the future of work or global prosperity are also recurring priorities. While G20 leaders are “the political backbone of the global financial architecture that ensures open markets, orderly capital flows and provide a safety net for troubled countries,” it is often through bilateral summits that important international agreements can be reached and globalization can move forward. Economic globalization is the growing economic interdependence of economies around the world due to a rapid increase in the cross-border movement of goods, services, technology and capital. [57] While the globalization of the economy focuses on reducing international trade regulations, as well as tariffs, taxes and other barriers that remove global trade, economic globalization is the process of increasing economic integration between countries that leads to the emergence of a global market or a single world market. [58] Depending on the paradigm, economic globalization can be seen as a positive or negative phenomenon. Economic globalization includes: the globalization of production; It`s about sourcing goods and services from a specific source of locations around the world to take advantage of differences in cost and quality. It also includes the globalization of markets; This is defined as the unification of different and distinct markets into a single massive global market. Economic globalisation also includes competition[59], competition, technology, businesses and industries.

[57] Many world leaders, policymakers, and influential figures have spoken about globalization. Some point to its positive benefits and others focus more deeply on its negative effects. Here are some of the most interesting quotes on the subject. Lechner and Boli (2012) define globalization as more people over long distances who are connected in ever different ways. [26] According to economic historians Kevin H. O`Rourke, Leandro Prados de la Escosura and Guillaume Daudin, several factors favored globalization in the period from 1815 to 1870:[38] Music plays an important role in economic and cultural development during globalization. Musical genres such as jazz and reggae began locally and later became international phenomena. Globalization has fostered the phenomenon of world music by allowing music from developing countries to reach a wider audience. [83] Although the term “world music” was originally intended for specific ethnic music, globalization is now expanding its scope to include often hybrid subgenres such as “global fusion,” “global fusion,” “ethnic fusion,”[84] and worldbeat. [85] [86] For more information, this video provides a brief overview of globalization and its economic, political and cultural implications, concluding by stating that “globalization brings both new opportunities and new challenges.” These three types influence each other.