• It has also increased competition, leading to job losses in some industries.
Understanding Globalization What is Globalization? Globalization refers to the increasing interconnectedness and interdependence of countries through the exchange of goods, services, information, and ideas. Impact On Local Cultures Impact on Local Economies • Globalization has led to the spread of western culture, often at the expense of local traditions and customs. • Cultural homogenization can result in the loss of unique cultural identities. • Globalization has opened up new markets and opportunities for businesses to expand internationally. • It has also increased competition, leading to job losses in some industries.