globalization

noun

glob·al·i·za·tion | \ˌglō-bə-lə-ˈzā-shən

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

In other words, make sure the profits from globalization don’t flow only to the 1%, and don’t shortchange the educational system. — Michael Hiltzik, latimes.com, "A radical trade prescription from the Federal Reserve: Stop complaining about China, and pay U.S. workers better," 12 June 2018 The court ruling comes at a time when workplace disruption caused by automation and globalization has amplified calls for a better deal for workers in the spirit of the 1930s New Deal. — Laurent Belsie, The Christian Science Monitor, "Court ruling a blow, not a knockout, to public unions," 27 June 2018 The competition has intensified with the rise of the internet and the rebirth and globalization of Silicon Valley in the 2000s. — Kyle Chayka, The New Republic, "From architect to tastemaker, Bjarke Ingels is designing the future.," 2 May 2018 But even vehicles assembled in the U.S. have parts made abroad, which reflects the globalization of the auto industry over the last several decades as automakers locate factories and suppliers in foreign markets to reduce costs. — Nathan Bomey, USA TODAY, "Trump tariffs could add $5,000 to price of new vehicle in U.S.," 3 July 2018 Immigration – or more accurately, a mix of immigration, globalization, war, and economic hardship – is a major reason for today's populist surge in the West. — Ned Temko, The Christian Science Monitor, "How nationalism fuels anti-immigration front across the West," 25 June 2018 People are worried about globalization, about a sense of losing tradition. — Gregg Carlstrom, Newsweek, "The Fall of Benjamin Netanyahu and the Future of Israel," 15 Mar. 2018 The Mayor said purposeful planning must address the local effects of climate change, globalization, population growth, overconsumption, housing insecurity and rising healthcare costs. — John Benson, cleveland.com, "Lakewood Mayor Summers delivers 'resilient future' State of the City," 12 Mar. 2018 His departure is a victory for figures who have sought to expunge the Trump administration of advocates for free trade and globalization, principles that have long been a hallmark of the Washington establishment. — Bloomberg.com, "Cohn’s Exit Leaves Hard-Liners Ascendant in Trump White House," 7 Mar. 2018

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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The first known use of globalization was in 1930

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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 dbieloping 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 InvestingAnswers quickly 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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