Term for the global loss of cultural diversity

Thousands of years ago, people were separated geographically into tribes and ethnic groups with distinctive languages, dress, food, etc.

Today, the races increasingly intermingle, Western dress is the norm and fast food franchises (commonly based in the U.S. or Europe) are scattered around the world. Nations are further being grouped into political/economic blocs, like the European Union and NAFTA.

Is there a term for this increasing loss of cultural diversity?