Technological development, from better transportation and carrier services to the telephone and mass media, has 642-587 created a smaller, more integrated world. Now, the ICT revolution is making the world even smaller and more integrated. Communications, trade and employment, personal and political transactions are now occurring on a global scale, in real time, ignoring boundaries between states.
Nobel Laureate Joseph Stiglitz defines globalization as
…the closer integration of the countries and peoples of the world which has been brought about by the enormous 642-812 reduction of costs of transportation and communication, and the breaking down of artificial barriers to the flows of goods, services, capital, knowledge, and (to a lesser extent) people across borders.
It is important to underscore that globalization is not just an economic phenomenon. It affects all aspects of life.
At least four factors 642-845 have contributed to globalization: (1) technological change, particularly the ICT revolution; (2) the spread of market-based systems; (3) domestic politics—pro-globalization forces are more politically significant; and (4) inter-state rivalries.
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