An increase of the economic interaction and interdependence among nations is called globalization. Globalization – is one of the most talked about phenomena in recent years in the modern world. Globalization in the social sciences was first mentioned by economists who drew attention to the fact of the united world market formation. According to the International Monetary Fund, globalization is just an increasing integration of goods and services and stock markets.
The globalization of the financial sector means a sharp increase in the role and the centralization of the financial markets through the integration of the cash flow. They (money) are easy to move around the world through the computer networks. The daily volume of transactions is about a trillion dollars. For the financier, globalization means the end of geography. Geographers, in turn, allocate two phenomena of globalization: first glocalization which is understood as the creation of monitoring and control systems, capable to combine centralization with local economic interests. the second one is the formation of economic archipelagos in particular, associations of the largest cities. The end of geography was first announced by economist OBrien in 1992. The phenomenon of globalization is clearly represented in the pop-culture of the USA. The singer Shakira, a Colombian multilingual singer-songwriter, playing outside her home country. She writes and sings her songs in different languages, also she blends music cross-culturally.
The collapse of space-time relations and the evolution of new space-less and placeless social spaces lead to the query of the importance of geographical places to such a pitch that some believe geography and time do not constitute boundaries anymore (Jakobi). Discussing the end-of-geography problem, Ron Martin took such a position whichdoesn’t reflect the much recent work in economic geography: Globalisation may well have eliminated space . . . , but it has by no means undermined the significance of the location, of place.