1) Globalization refers to the increasing interconnectedness of social life worldwide through cultural, financial, and other exchanges. 2) Economic globalization is seen through the growth of international trade and foreign direct investment. As trade barriers fall, imports and exports between countries rise as a percentage of GDP. 3) Foreign direct investment directly purchases ownership stakes in foreign companies, leading to increasing transnational control over production assets and livelihoods. This can both positively and negatively impact economies through technology transfers but also foreign control over workers.