The word globalization can be described in many different ways, in the last several years the definition of this word is used more frequently in an attempt to explain our relationship with other countries and states. It most commonly refers to the increasingly close economic ties among other countries. These ties include trade, travel, immigration, shared information sent over the Internet, increased investment in foreign countries, and an accelerated pace of technological advancement.
Many years ago in the first era of globalization, inequality improved in Western Europe as a consequence of declining transportation cost and emigration. These forces increased real wages and reduced land rents, with the gains to labor offsetting the losses to land.