Recent Examples of globalization from the Web
Though not everyone was happy about the trend — the U.S. government as well as European leaders had condemned it as ultimately damaging to the global economy — this week’s cover story made the argument that globalization could not be stopped.
One is that the great forces of the modern age, globalization and digitization, are removing traditional barriers to entry.
African Americans have long been worse off on most of those socioeconomic metrics: jobs lost to automation and globalization, homes lost to the 2008 mortgage crisis, declining unionization and wages, loans denied.
Yet economists themselves bear some blame for the backlash against free trade and globalization that helped propel Trump to the White House and Britain to abandon the European Union.
Just as in the culinary realm, the conflicts in St.-Denis often stem from the collisions between local traditions and globalization.
Just as under Obama, globalization and automation threaten the livelihoods of workers.
Some observers expect the SPD to move further left as has happened elsewhere in Europe, addressing working-class bases disillusioned with globalization and free trade.
Community leaders generally aren't impressed by Emanuel's efforts to reform the police department, known not only for violence against blacks and Latinos but also for spying on and infiltrating anti-globalization movements.
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.
Seen and Heard
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