- Globalization is the development of an increasingly integrated global economy marked especially by free trade, .
free flow of capital, and the tapping of cheaper foreign labor markets.
- Glocalization is the practice of conducting business according to both local and global considerations.
- Globalization is the act of nations, corporations, organizations, and the like and their desire, indeed need, to.
impose themselves on various geographic areas.
While all three terms derive from the need of an economy's expansion, each term differs slightly. Globalization focuses on the trade and growth of economies across the world. Many societies and benefit by trading information, technology and goods. Glocalization focuses on a more localized approach to a certain society and economy. Foreign nations that trade with each other use this practice to make sure that certain customs and laws of an individual community are upheld. The term globalization is when an entity strives to become the dominant entity of a certain civilization. A firm or organization, while trading, will try to become the leading supplier of goods and services.
"McDonaldization" is a term that was used by George Ritzer. He uses this term when describing how an economy or society is run like a fast food business. He says that the four main aspects are Efficiency, Calculability, Predictability and Control. He states that economies can be run very bureaucratically and with a top-down approach. Efficiency describes how people have a liking for speed or quick service delivery. Predictability is the factor that ensures that products are the same or are reproducible by the same formula. Calculability refers to the belief that "quantity is analogous to quality,"" or more is always better than less and lastly control is that which strives for reliability by attempting to minimize the role of humans with nonhuman technology.
McDonaldization has its pros and cons.