Globalization - Definition
Written by Jason Gordon
Updated at December 19th, 2020
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What is Globalization?
Globalization refers to the spread or expansion of a company or business entity, technology, information, and consequently jobs across a geopolitical zone, national borders, cultures, and continents.
In economics, globalization refers to the affiliation between nations resulting from access to free trade.
The term globalization can be a legal, cultural, and political phenomenon. Here are the reasons for this:
- Globalization leads to better communication with a new population or people (socially)
- It helps and aids in the exchange of ideas, values and expressions between persons of different cultures (cultural)
- Globalization also aids in unity
- Globalization has focused it attention on different international organizations like the United Nations (UN) and the World Trade Organization (WTO) (Political)
- Globalization has also made an impact on the creation and enactment of international laws and regulations (legal)
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