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 This is a major geopolitical victory for China and helps further Beijing’s argument that in 2019, China is the one defending globalization instead of taking advantage of it. Time, "How Trump Gave China a Win on Trade in Southeast Asia," 7 Nov. 2019 But where globalization and integration once reigned supreme, rising populism, nationalism, shrinking public spaces, fake news, and extremist speech have risen in their place. Abdi Latif Dahir, Quartz Africa, "Top American universities are doubling down on their presence across Africa," 5 July 2019 In the Berkshire Mountains of western Massachusetts, for instance, buying with BerkShares rather than dollars signals a commitment to local labor and a screw-you to the moral failings of globalization and the Fed. Gregory Barber, WIRED, "Inside an All-White Town’s Divisive Experiment With Cryptocurrency," 6 June 2019 Yes, for me the book’s a really smart take on globalization through the prism of one of the world’s most controversial merchandises: Cocaine. Tobias Grey, WSJ, "In ‘ZeroZeroZero,’ A Gritty and Global View on the Drug Trade," 2 Mar. 2020 The ghastly prospect that the coronavirus outbreak could become the first truly disruptive pandemic of the globalization era is renewing doubts over the stability of the world economy. Craig Stirling, Time, "Coronavirus Could Cost World $1 Trillion If It Becomes a Pandemic, Analysts Predict," 25 Feb. 2020 The potential for Ohio residents to suffer economic impacts from coronavirus probably far outweighs any health risks. Because of globalization, many Ohio companies rely on China, either for products or sales. Olivera Perkins, cleveland, "Ohio economy could feel impact if China’s coronavirus outbreak continues much longer," 9 Feb. 2020 American Factory also just might be the most thoughtful movie ever made on how globalization may impact the future of work. Dan Kopf, Quartz, "This Oscar nominee might be the best movie ever on globalization and the future of work," 8 Feb. 2020 There has been a steady march toward globalization for American sports. Greg Moore, azcentral, "Moore: International threat to U.S. sports confronts Phoenix Open, PGA Tour," 31 Jan. 2020

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

4 Apr 2020

Cite this Entry

“Globalization.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/globalization. Accessed 4 Apr. 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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