What are the key aspects of globalization?

Globalization refers to an increasing amount
of global interconnection, especially in business and economic activity. Some important aspects
of globalization are:

• Communication: Seamless instantaneous global
  communications in multiple modalities are a key element of the infrastructure of globalization.
  All other aspects of globalization depend on the ability of people to communicate around the
  world by means such as telephone, internet, fax, and broadcast media.


• Transportation: For goods to be shipped around the world, a transportation
  infrastructure, include land, sea, and air transport and accompanying logistical systems, is
  needed. Just-in-time manufacturing and complex supply chains make multinational companies
  especially reliant on logistics.
• Supply Chains: A globalized economy is
  one in which inputs and supply chains are sourced from around the world, taking advantage of
  low-cost producers and manufacturing in low-wage countries to reduce costs.


• Markets: In a globalized economy, many products and services are sold far from where
  they are produced.This allows for economies of scale in production and also creates greater
  consumer choice.