Globalization - Explained
What is Globalization?
Written by J. Mance Gordon
Updated at April 21st, 2024
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What is Globalization?
Globalization is the spread or expansion of a company or its business activities across countries or national borders.
What is Globalization in Economics?
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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