Final answer:
Globalization is the interconnectedness of world economies and societies through trade and technology, integrating markets and cultures. Advances in information technology, such as computing and telecommunications, have facilitated the process by lowering the cost and complexity of long-distance economic management. The widespread adoption of technologies like mobile banking exemplifies technology's role in globalization.
Step-by-step explanation:
Globalization refers to the interconnectedness of societies and economies throughout the world as a result of trade, technology, and the adoption and sharing of various aspects of culture. This process integrates governments, cultures, and financial markets through international trade into a single world market. Technological advances in information technology have significantly stimulated globalization by enabling the spread of technology across borders, often referred to as technological diffusion.
An example of how advances in information technology have stimulated globalization is through innovations in computing and telecommunications, which have made it easier and less expensive to manage long-distance economic activities such as production and sales. This includes the ability to transmit valuable products and services that can be digitized, such as computer software and financial advice, over telephones and computer networks at ever-lower costs. Additionally, technological globalization has been accelerated by international agreements and treaties that encourage greater trade and economic integration.