Economic globalization is the integration of the world’s economies in increasingly more interconnected and interdependent ways. Globalization has been steadily occurring since the beginning of the modern era, but due to new computer and communication capabilities has accelerated in recent decades.
Economic trends in the past fifty years include expansion of the service industry, increasing global output, investment in developed and developing nations, and the use of computer technologies. Migration, outsourcing, and multinational corporations have increased the internationalizing of the world’s labor force.
Article discussing how many services, such as tutoring, is being outsourced to India.
Article discussing how migration trends are changing and the impact migration has.
China, India, Brazil, and Russia have undertaken massive economic reforms that have stimulated their economies and made them major economic powers in the global economy. The reforms have also challenged political and social systems by increasing standards of living for some, creating new labor markets and demands, exacerbating issues of poverty and urbanization, and accelerating rates of environmental damage and resource use.
In recent decades, rising consumption of resources among developed and developing nations has raised concerns about the limits of nonrenewable resources. The international community, governments, businesses, and local people are finding new ways to promote sustainable development that protects the environment and promotes the use of renewable resources.