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

The big structural force Mr. Borio identifies is globalization, under which international competition puts sustained downward pressure on inflation. — Joseph C. Sternberg, WSJ, "Why Central Bankers Missed the Crisis," 16 Nov. 2018 And on a larger scale, the cultural practice of making household appliances by hand is in rapid decline due to globalization. — Adam Cohen, Smithsonian, "How the Work of a Sculptor and a Doctor Landed In the Nation’s Top Craft Show," 25 Apr. 2018 The opportunity for being a guide and a source of analysis and intelligence at a time when the industry is being disrupted, not just by technology but by globalization and changing social mores. — Eric Johnson, Recode, "Colin Kaepernick’s Nike ads are just one piece of a bigger ‘reckoning’ in the fashion industry," 20 Sep. 2018 The 5 Star Movement and League have long expressed skepticism toward free trade, globalization, multilateralism and the EU, though neither party is pushing for Italy to leave the bloc. — Giovanni Legorano, WSJ, "Italy Threatens to Bring Down EU-Canada Free Trade Deal," 30 July 2018 Unions are eroding in influence, as globalization and technology (checkout computers at Target instead of cashiers) are keeping worker wages low, says Carl Van Horn, director of the Heldrich Center for Workforce Development at Rutgers University. — Alfred Lubrano, Philly.com, "Philadelphians feel squeezed as U.S. economy seems to hum. That's a poverty problem," 9 July 2018 The opening for China comes as the U.S. steps back from what has been a decades long commitment to open markets, free trade and globalization. — Justin Worland, Time, "How China Could Use 'America First' to Its Advantage," 28 Mar. 2018 China’s Communist Party has barely missed an opportunity to claim the moral high ground over trade and globalization since President Trump set the United States on a more inward-looking and protectionist path. — Simon Denyer, Washington Post, "China warns about attacks on free trade, even as it keeps its own barriers in place," 5 Mar. 2018 While shifts in globalization and manufacturing have already caused significant economic displacement, upcoming changes in tech will likely be an even bigger driver of growth and disruption going forward. — Patrick Sisson, Curbed, "When towns lose a factory, what comes next?," 29 Nov. 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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19 Apr 2019

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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 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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