Globalization
Globalization describes the changes in societies and the world economy that result from dramatically increased international trade and cultural exchange. It describes the increase of trade and investing due to the falling of barriers and the interdependence of countries. In specifically economic contexts, the term refers almost exclusively to the effects of trade, particularly trade liberalization or free trade, Theodore Levitt is usually credited with globalization's first use in an economic context. rom 1910 to 1950, a series of political and economic upheavals dramatically reduced the volume and importance of international trade. But these trends reversed starting with WWI and continuing through WWII, when the Bretton Woods institutions were created (i.e. the IMF and the World Bank). After World War II, international trade dramatically expanded, fostered by international economic institutions and rebuilding programs. From the 1970s, the effects of this trade became increasingly......
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