globalization

noun
glob·​al·​i·​za·​tion | \ ˌglō-bə-lə-ˈzā-shən How to pronounce globalization (audio) \

Definition of globalization

: the act or process of globalizing : the state of being globalized especially : the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets

Examples of globalization in a Sentence

Recent Examples on the Web Except that globalization and the gig business model have exploded the supply of workers. Clive Thompson, Wired, "AI, the Transcription Economy, and the Future of Work," 18 Feb. 2020 Epidemics are spreading more quickly and farther in the 21st century than in previous centuries due to globalization and air travel. John A. Lednicky, The Conversation, "As China suffers from coronavirus, some wonder: Is it really that serious? 3 questions answered," 7 Feb. 2020 People that feel victimized by globalization, threatened by immigration, abandoned by their politicians, betrayed by the elites. CBS News, "Transcript: Tom Donilon and Stephen Hadley talk with Michael Morell on "Intelligence Matters"," 29 Jan. 2020 And Ohio — which Mr. Trump took by eight percentage points — fell into step with the political re-sorting that is transforming the Republican Party into the home of white Americans who feel left behind by globalization and technological change. New York Times, "How the G.O.P. Became the Party of the Left Behind," 27 Jan. 2020 From squeezed middle-class paychecks to the rust belts left behind by globalization, most people do not feel like the system works for them. Anders Fogh Rasmussen, Time, "I Led One of the Happiest Countries in the World. Here's What Other Democracies Could Learn From Our Model," 27 Nov. 2019 Dueck’s final chapter attempts to understand Trump in the context of U.S. populism, ascribing his rise as a response to frustration with globalization and America’s endless wars since 9/11. Michael Auslin, National Review, "Colin Dueck Makes the Case for Conservative Nationalism," 5 Nov. 2019 Mass protests and repression The rise of globalization and the democratization of communications and social media platforms mean the Islamic Republic must take a firm stance against free speech and assembly. Fox News, "How Iran imposes strict adherence to Islamic law with severe, inhuman punishment," 2 Nov. 2019 The chief suspects are the fall of the Soviet Union, globalization and the rise of information technology. Noah Smith, Twin Cities, "Noah Smith: American socialists should drop the illusions about Europe," 6 Oct. 2019

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'globalization.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of globalization

1930, in the meaning defined above

History and Etymology for globalization

see globe entry 1

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Time Traveler for globalization

Time Traveler

The first known use of globalization was in 1930

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Statistics for globalization

Last Updated

22 Feb 2020

Cite this Entry

“Globalization.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/globalization. Accessed 26 Feb. 2020.

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More Definitions for globalization

globalization

noun

Financial Definition of globalization

What It Is

Globalization is the integration of national economies through trade, investment, capital flow, labor migration, and technology.

How It Works

Globalization results from the removal of barriers between national economies to encourage the flow of goods, services, capital, and labor.  While the lowering or removal of tariffs and quotas (see General Agreement on Trade and Tariffs, or GATT) that restrict free and open trade among nations has helped globalize the world economy, transportation and communication technologies have had the strongest impact on accelerating the pace of globalization.

Thomas L. Friedman describes the "flattening" of the world economy through globalized trade, outsourcing, supply-chaining and political liberalization.  The use of technologies allows businesses, such as large multi-national corporations, to maintain customers, suppliers and even competitors on a world-wide basis.  The breakdown of businesses into components along its value-chain creates opportunities for multiple businesses located at various spots on the globe to participate in the production of a single good or service.  This global network, even for a single enterprise, is part of globalization.

Several organizations have either been created or have evolved into key roles in the process of globalization.  The World Bank and the International Monetary Fund, for instance, deal primarily with issues of free trade in developing economies and with international monetary policy, including debt and trade balances between developing and industrialized countries.  The World Trade Organization, along with the General Agreement on Trade and Tariffs (GATT), has been involved with removing trade barriers and reducing the cost of trading.

Why It Matters

Increasingly, businesses must recognize that their success depends on efficiency and scalability – being able to The definition of globalization on InvestingAnswersquickly mobilize global resources and reach world markets.   Globalization is the key to growing businesses in the 21st Century.

At the same time, globalization has led economic decision-making away from local control.  As a result, decisions about a company's plans, including expansions, relocations, or closings are increasingly made independently of the considerations of local markets or local managers.

Source: Investing Answers

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