Final answer:
Globalization refers to the process of integrating governments, cultures, and financial markets through international trade into a single world market. It has a long history, involving activities like exploration, migration, and trade. Modern globalization is exemplified by multinational corporations trading across international borders and using labor and resources from different countries.
Step-by-step explanation:
Globalization refers to the process of integrating governments, cultures, and financial markets through international trade into a single world market. It encompasses business activities and actions of governments conducted on a worldwide scale. This process has been happening throughout history, with activities such as exploration, migration, and trade creating networks connecting different parts of the planet.
Modern globalization is evident in the operations of multinational corporations like Walmart, McDonald's, and Ford, which trade across international borders, source labor and resources from different countries, and sell products globally.
Globalization leads to an international division of labor, with workers from core nations competing with low-wage labor from peripheral and semi-peripheral nations. This can sometimes result in xenophobia, a fear or hatred of foreigners and foreign goods. However, globalization also brings benefits like increased access to goods and services, technological advancements, and cultural exchange.