Globalization
The tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets. Globalization has had the effect of markedly increasing not only international trade, but also cultural exchange. Investopedia Says:
The advantages and disadvantages of globalization have been heavily scrutinized and debated in recent years. Proponents of globalization say that it helps developing nations "catch up" to industrialized nations much faster through increased employment and technological advances. Critics of globalization say that it weakens national sovereignty and allows rich nations to ship domestic jobs overseas where labor is much cheaper. Related Terms:
Emerging Market Economy
Group of Eight - G-8
International Monetary Fund - IMF
Multinational Corporation
North American Free Trade Agreement - NAFTA
Organization For Economic Co-operation and Development - OECD
Protectionism
Social Responsibility
Tequila Effect
World Trade Organization - WTO |