Final answer:
Globalization is the process of integrating markets, cultures, and financial systems internationally. It involves increased trade, capital flows, and can lead to outsourcing and free trade zones, but also faces criticism for favouring multinational corporations and impacting resource-dependent countries negatively.
Step-by-step explanation:
Globalization is the integration of worldwide markets, trade, and communication. In fewer than ten words, it could be summarized as: Integration of global markets and cultures.
Through the lens of globalization, one can see the intricate connections forming within political spheres, cultural interactions, and, significantly, economic exchanges. The phenomenon constitutes a mesh of financial markets, where international trade and capital flows maneuver through borders with heightened fluidity.
This economic integration often leads to the proliferation of outsourcing and the creation of free trade zones as strategies to boost economic efficiency and capitalize on global market opportunities.
However, it's not without its controversies. Critics argue that globalization tends to favor multinational corporations, which can result in political decisions being swayed by economic interests. Additionally, countries that rely heavily on the extraction of natural resources might find themselves struggling in an economy where production can be shifted to more cost-effective locations.