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
Recent Examples of globalization from the Web
It’s more than globalization, for all its influence.
As far as globalization goes, Nike might be America's biggest proponent of it.
But in many ways those between today and WWI are just as apt: a disillusionment with war, with unbridled globalization, fueling an instinct to turn inwards.
But with increasing globalization and the expansion of tech, Facebook, Alphabet and Apple now have the clear advantage.
China's leading entrepreneur, Jack Ma, offered heavy doses of rags-to-riches inspiration and exhortations to embrace free trade and globalization during his keynote speech today at Cobo Center.
Globalization has been disrupting jobs for decades.
As the winds of globalization began to blow, Dexter Shoe stayed afloat by moving some of its production to the Caribbean and sourcing the uppers of shoes from China.
Wednesday will feature a reception in the stock exchange room at the Art Institute, along with a meeting on globalization and an Art Institute dinner.
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.
Financial Definition of GLOBALIZATION
What It Is
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 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.
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Seen and Heard
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