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 That represents a shift away from decades of globalization, Bremmer said. Aimee Picchi, CBS News, "Top global risk in 2020? It's American politics, experts say," 6 Jan. 2020 The Conservatives have now become the party of those left behind by the forces of globalization while also being the party of free trade. BostonGlobe.com, "You're using a browser set to private or incognito mode.," 14 Dec. 2019 Automation and globalization affect workers in Canada and Germany as well, but life expectancy is not falling in those countries. Time, "There Are Far Too Many 'Deaths of Despair' in the U.S. How Much Longer Will We Turn Our Backs on This Crisis?," 16 Jan. 2020 Bill Clinton was the principal promoter of globalization. Isaac Chotiner, The New Yorker, "Andrew Bacevich on Foreign-Policy Mistakes," 13 Jan. 2020 Yes, those northern England constituencies, long-suffering victims of the effects of globalization, see leaving Europe as a solution to their problems. Sarah Mower, Vogue, "What Comes After Boris Johnson’s Election Win?," 13 Dec. 2019 At the same time, automation, globalization and the decline of manufacturing have decimated well-paying jobs that once required no more than a high school diploma. Kevin Quealy, New York Times, "Watch 4 Decades of Inequality Drive American Cities Apart," 2 Dec. 2019 American elites are enmeshed in the world of globalization — the enhanced travel and contacts, the multinational corporations, the NGOs. Rich Lowry, National Review, "The Treason of the Elites," 24 Oct. 2019 Our economy is being rapidly reshaped by technology, automation, globalization and other forces. Alex Leary, WSJ, "White House Says Companies Pledge to Create Millions of Job-Training Opportunities," 31 Oct. 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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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

8 Feb 2020

Cite this Entry

“Globalization.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/globalization. Accessed 16 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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