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Globalization

Definition

Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale. It involves the interconnection of global economies, cultures, technologies, etc., leading to increased interaction and integration between people, companies, and governments worldwide.

Analogy

Imagine globalization as the internet for economies - just like how you can connect with someone halfway across the world through social media platforms instantly; globalization allows businesses to reach consumers in far-off places quickly too!

Related terms

Trade Liberalization: The removal or reduction of restrictions or barriers on the free exchange of goods between nations. This is often a key part of globalization.

Multinational Corporation (MNC): A large company that operates in several countries simultaneously. MNCs are significant drivers of globalization.

Cultural Homogenization: The tendency towards uniformity in beliefs, values, and customs due to globalization.