SUMMARY :

Globalization is a continuing phenomena defined by increasing interconnectedness

and interdependence among states, individuals, and businesses around the world.
This process entails the cross-border integration of economic, political, social,
and cultural systems, which results in higher flows of products, services, capital,
people, and ideas.
Globalization has accelerated in recent years, owing to fast advances in
communication and transportation technologies, as well as liberalization of trade
and investment policy. According to our World Data, the key causes of this rising
rate are the rapid expansion in international trade and investment.

The rapid expansion in international trade and investment, facilitated by the

removal of trade barriers and the advent of new technologies that allow for the
rapid movement of goods, services, and capital across borders, is the major driver
behind the accelerated rate of globalization we witness today.
Other causes, such as developments in transportation and communication technology,
the rise of multinational firms, the expansion of global financial markets, and the
dissemination of cultural and social norms, are also responsible for influencing
globalization today. The convergence of these forces has resulted in increasingly
linked economies and societies around the world, heralding the advent of a
globalized world. But what does this imply for economic development?

In this Article , it discussed the possible impacts of globalization on economic

development.
The effects of Globalization on economic development had been both positive and
negative and it depends on the situation. On the positive effects includes the
enhanced trade and investment which created a new oppurtunities for countries to
trade and invest across borders that is resulting for having an increased of
economic activity and higher level of economic growth. Alongside the positive
impacts of globalization on economic development, globalization has also brought
about a range of negative impacts on economic development, including job losses and
industry declines in some regions, widening income inequality, cultural
homogenization, environmental degradation, dependence on foreign markets and
investors, and vulnerability to global economic downturns. This includes widening
income inequality, globalization has increased income inequality with some
countries and individuals benefiting more than others. In addition to that,
Globalization has led to the relocation of industries and jobs to countries with
lower labor costs, which has led to job losses and industry declines in some
regions.

How can we balance the potential and constraints of globalization for economic
development?
Globalization has had a wide range of both positive and negative effects on
economic development in a variety of regions and industries. Governments and
businesses must adapt to and benefit from a worldwide economy while also ensuring
that they can balance the benefits and constraints of globalization for economic
success.

Balancing globalization's chances and challenges for economic development is

critical for capitalizing on globalization's benefits while limiting its negative
effects on society and the environment. This balance will necessitate a
comprehensive approach that addresses all facets of the international economy.
Governments and businesses must take a comprehensive approach that prioritizes
inclusive economic growth, encourages innovation and advancements in technology,
promotes equitable growth, emphasizes international cooperation, invests in
education and skill development, and implements effective regulatory frameworks.

----------------------------------------------------------------
PART II

Is globalization is a process , a condition or an ideololgy?

Globalization is a process because as the article mentioned above it is increasing

interconnectedness and interdependence among states, individuals, and businesses
around the world.
Global trade grew rapidly as more countries adopted free-market principles and
reduced trade restrictions.
This expansion in trade has resulted in a more integrated global economy, with
countries relying on one another for commodities and services. This process entails
the cross-border integration of economic, political, social, and cultural systems,
which results in higher flows of products, services, capital, people, and ideas in
the world with the help of modern technology and information.

on whose perspective is the definition of globalization anchored based on the

article you read

-----------------------------------------------------------------------------------
-------------