Final answer:
Globalization is the process that increases interconnectedness among countries through trade, investments, transfer of information, and shared cultural and political ideas. It involves the expansion of international trade and cultural exchanges, often starting with economic motives and leading to a variety of collaborative global efforts. The term describing this phenomenon is 'globalization'.
Step-by-step explanation:
The extent to which trade and investments, information, social and cultural ideas, and political cooperation flow between countries is referred to as globalization. This concept encompasses the increasing interconnectedness of the world's economies, political systems, and cultures.
Some of globalization's key components include the integration of financial markets, international trade, and the flow of ideas and knowledge facilitated by advancements in transportation and communication technologies, such as the Internet. While globalization leads to a more interconnected and interdependent world with benefits like market expansion and access to healthcare, it also poses challenges such as cultural colonialism and increased influence of multinational corporations on political decisions.
Highlighting the significance of international trade, globalization thrives on the trade liberalization that has been gaining momentum since the 1990s. Furthermore, Manuel Castells and other sociologists view globalization in economic terms, recognizing it as a process that integrates governments through international trade. This integration has multifaceted effects, leading to a 'single world market' phenomenon, while also sparking concerns over the preservation of local cultures and autonomy.