The impact of globalization on has been an increase in living standards due to a more efficient labour force.
What is globalization?
- The contact and integration of people, businesses, and governments around the globe is known as globalisation (Commonwealth English; see spelling variations). The term "globalisation" first appeared in the early 20th century (replacing the earlier French term "mondialisation"), took on its current meaning sometime in the second half of the century, and first gained widespread usage in the 1990s to describe the unprecedented global connectivity of the post-Cold War world. [1]
- Due to advancements in communications and transportation technologies, it may be traced back to the 18th and 19th centuries at its inception. The expansion of international trade and the sharing of ideas, beliefs, and cultures are both results of the increase in global relationships.
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