Definition of Globalization:
The worldwide movement toward economic, financial, trade, and communications integration.
Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. However, it does not include unhindered movement of labor and, as suggested by some economists, may hurt smaller or fragile economies if applied indiscriminately.
Globalization is the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.
On one hand, globalization has created new jobs and economic growth through the cross-border flow of goods, capital, and labor. On the other hand, this growth and job creation is not distributed evenly across industries or countries. Specific industries in certain countries, such as textile manufacturing in the U.S. or corn farming in Mexico, have suffered severe disruption or outright collapse as a result of increased international competition.
How to use Globalization in a sentence?
- One clear result of globalization is that an economic downturn in one country can create a domino effect through its trade partners.
- Travel is one example that benefits the most from globalization - from the airline industries being able to partner with each other to hotel chains being able to unify under one global umbrella of standards, travelers now can roam the world more efficiently, cost-effectively and with peace of mind that where ever they go to, commonalities exist to make understanding the world map feel more attainable than ever before.
- The sharing of popular culture and entertainment of Japan and the United States is caused by increased globalization via the internet.
- China and India are among the foremost examples of nations that have benefited from globalization.
- Globalization has sped up to an unprecedented pace since the 1990s, with public policy changes and communications technology innovations cited as the two main driving factors.
- Since the advent of globalization , Ron believed that the US auto industry suffered and that is why he lost his job at the car plant.
Meaning of Globalization & Globalization Definition