Final answer:
Globalization describes the broadening scale of cross-cultural interactions and encompasses the increase in international trade and financial capital flows. Technological innovations and cultural diffusion are vital components of this process, fostering interconnectedness among nations.
Step-by-step explanation:
The widening scale of cross-cultural interactions due to the rapid movement of money, people, goods, images, and ideas within and across national boundaries is described as globalization. This phenomenon leads to the expanding cultural, political, and economic connections between people around the world. A significant aspect of globalization is the increase in international trade and financial capital flows.
Technological innovations have fueled globalization by enabling faster and more efficient communication and transportation, thus accelerating the diffusion of culture and ideas. This has brought about a new era where cultures and populations are no longer confined by geographical boundaries.
Another notable result of globalization is the process of cultural diffusion, where material and nonmaterial culture crosses borders, integrating into the mainstream of different societies. The interconnectedness fostered through trade has led to economically and politically interdependent nations, reshaping the global landscape.