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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.

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REFERENCES

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From Credo

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  • Appadurai, Arjun (1996) Modernity at Large: Cultural Dimensions of Globalization, Minneapolis, MN: University of Minnesota Press.
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  • Bunker, S. and Ciccantell, P.Restructuring space, time, and competitive advantage in the capitalist world economy: Japan and raw materials transport after World War II, in A New World Order? Global Transformations in the Late Twentieth Century, Smith, D. and Borocz, J., Eds. Greenwood Press, Westport, CT, 1995.
  • Cowan, R. S.A Social History of American Technology. Oxford University Press, New York, 1997.
  • Fichman, M.Science, Technology and Society: A Historical Perspective. Kendall/Hunt Publishing, Dubuque, IA, 1993.
  • Giddens, A.The Consequences of Modernity. Polity Press, Cambridge, 1990.
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