Globalization: An Overview (Jerome Yip and Sarah Eaton) refers to the large scale partnering of world economies and cultures. Globalization proponents praise the benefits of an integrated international market where goods, la ow freely and promote economic development at all levels of society. Critics co ray to unbridled capitalism, allowing powerful corporations to displace local enterprise een the very wealthy and the very poor. through which international communities, organizations, corporations, and individuals rconnected through economics, politics, culture, and the earth's environment. the flow of capital, labour, goods, and ideas between societies, and is often defined a borderless world or "global village." Globalization has spurred both economic develop train, as countries learn to cope with the effects of globalization on their individual count sion factors in producing more goods or services. An investment made in a company of a foreign economy. national trade wherein countries may exchange goods without restriction or tariffs. sold, and consumed within an economy. GDP): The measurement of the total market value of goods or services produced wit d by people. licies and regulations, such as the raising of tariffs or restrictions of certain goods or ser importation of foreign goods or services. oods or services exported from or imported into a country. The sum of export and import trade carried out between countries of the world. obalization are widely debated. While some academics posit that it began in modern t during the time of the Roman Empire, the Middle Ages, or nineteenth century maritime and their colonies. holars agree that there have been times throughout history during which domestic p d with international economic integration. For example, the twentieth century witness ment of a global economy due to the severely protectionist economic policies instituted the period between 1913 and 1950, per capita income growth dropped below 1 per also plummeted. The World Wars were not only severe obstacles to international econ 1