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As discussed in the notes for this week, globalization is “a process of closer integration and exchange between different countries and people worldwide”, made possible due to falling trade and investment barriers, reduced transportation costs, advances in technology (specifically telecommunications), and the growing importance of multinational corporations and foreign direct investments.
To participate in this week’s research/reflection exercise, begin by reading the chapter notes, study guide, and chapter #10 from the textbook to fully understand the meaning and application of the word “globalization”. Next, obtain all the information that you can from external sources about the current state of globalization. Finally, answer the following two questions after doing relevant, in-depth research:
1) What are the major advantages and disadvantages of globalization?
2) With the aid of examples, explain how globalization has affected one industry of your choice.
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