Unit One: The context of cross-cultural interactions

Step 1: Globalization

Let us start with a definition of globalization:
Globalization may be described as the ever closer economic integration of all the countries of the world resulting from the liberalization and consequent increase in both the volume and the variety of international trade in goods and services, the falling cost of transport, the growing intensity of the international penetration of capital, the immense growth in the global labor force, and the accelerated worldwide diffusion of technology, particularly communications.

Source: Parliamentary Assembly of the Council of Europe (https://www.coe.int/en/web/compass/globalisation)

As this definition illustrates, globalization mainly has an economic dimension. It is mostly a matter of “economic integration”, but this growing economic integration between the countries of the world is the result of different mechanisms. Among these, of course, is the movement of liberalization and deregulation that affects many sectors. Other developments also have an impact, because they increase interconnection between different parts of the world and thus promote economic integration. These include the development of a global network and the reduction of transport costs, as well as the revolution in communication technologies.

Now, to figure out the various impacts of globalization, read the text below. For more information about the impact of globalization on the EU economy, you can also click here.