The document discusses key concepts related to living in the contemporary globalized world. It defines globalization as the increasing interconnectedness and integration of people, companies, and governments globally, driven by international trade, investment, and technology. Globalization involves the rising liquidity and multi-directional flows of people, things, information and capital across borders. There are several theories that seek to conceptualize and explain cultural globalization, including cultural differentialism, hybridization, and convergence. Cultural hybridization posits that external cultural flows interact with internal ones to create unique blended cultural forms in different areas.