[MUSIC PLAYING] As technology and transportation have advanced, business has become increasingly global. Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries. It's had numerous effects, both positive and negative, on business and society. One benefit of globalization is widespread economic growth due to greater access to labor, jobs, and resources. Another is increased global cooperation. For a globalized economy to exist, nations must be willing to put their differences aside and work together. Because of this, globalization has been linked to reduced international conflict. Globalization also comes with downsides, one of which is environmental degradation. The increased transportation of goods causes greenhouse gas emissions and other pollutants, and infrastructure development has led to deforestation and loss of biodiversity worldwide. The good news is that business professionals willing to confront and prepare for globalization's opportunities and risks have the potential to benefit immensely, making a positive impact in the process. Do you want to learn more about the pros and cons of globalization? Use the links in the video description to visit our Business Insights blog and explore our online course Global Business. [MUSIC PLAYING]