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

Sure, laissez-faire, bad luck, and, in some cases, globalization handled them roughly. — Jon Talton, The Seattle Times, "In America’s ‘geography of despair,’ how to help the left-behind places?," 21 Nov. 2018 Well, the cause of that was globalization, primarily. — Eric Johnson, Recode, "American capitalism broke in the 1980s. Can it be fixed?," 7 Nov. 2018 Culprits, particularly in the industrial heartland, include globalization, workplace automation and opioids. — Peter Berkowitz, WSJ, "Conservatism and Populism Go Back Centuries," 6 Nov. 2018 Now, as Trump seeks to unwind globalization, that logic operates in reverse. — David J. Lynch, chicagotribune.com, "The hidden costs of 'America First' tariffs," 7 June 2018 The mutation of monsters from bizarre police reports into emblems of the community seems to go hand in hand with the destruction of small town economies by the forces of globalization and urbanization. — Joseph P. Laycock, Smithsonian, "A Search for Mysteries and Monsters in Small Town America," 11 July 2018 After years of trade agreements that bound the countries of the world more closely and erased restrictions on trade, a populist backlash has grown against globalization. — CBS News, "What exactly are Trump's tariffs, and how would they work?," 2 June 2018 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

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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29 Nov 2018

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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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