Globalization (Vocabulary: Business Terms)

GLOBALIZATION (Vocabulary: Business Terms)

Globalization is a process in which people, companies, and governments interact and integrate worldwide. Its roots lie in the increase in travel, transportation and communication that began 200 years or so ago. Mainly an economic process, it has also had vast cultural and political consequences. While largely positive, it has also resulted in some important negative effects: loss of control by local communities, loss of jobs in more developed economies and an increase in "sweat shop" industries globally, faster spread of disease, greater opportunities for terrorism, an increased "income gap" between countries, a "domino effect" in supply chain disruptions, and so on. Despite all this (and the increasing isolationism in some countries) it seems that globalization is here to stay.

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