Countries which are ethnocentric may challenge the concept of globalization. These are the countries that fill the category of traditional thinking. Countries which feel that they are independent of the rest of the world and they can exist very well in a closed economy. But the aspects of interdependency and being part of an open economy when it comes to globalization challenge these aspects of traditional thinking.
The term started gaining popularity in late 1990's therefore it cannot be called a newly formed one. It is neither standard as the concept is fresh and new for people all over the world. Therefore, it would be justified to call it radical because it has far-reaching impact in the way things are done now. It has the power to bring many changes in the way countries deal with each other and in the way countries exist and operate.
Industrial: Industrial globalization includes those production outlets where production is being done for foreign companies. ...Show more