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What is globalization?

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Definition:

Globalization is the process of interaction and integration between the businesses and people of different countries. It is driven by international trade and international investment. It is facilitated by improved global communications and information technology. Globalization has many effects, but with regard to finance and business, it has a major impact on economic systems, economic development, and prosperity.

Globalization has been driven by the fact that many nations have developed free market economies since the end of World War II and dropped barriers to trade. It has also been driven by improved communication and technology in the past two decades. It is now much easier for nations to trade and invest internationally because of instantaneous communication.

Also Known As: international trade
Alternate Spellings: globalisation
Examples:

Globalization is very controversial because some say it allows rich nations to ship jobs overseas where labor is cheaper.

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