globalization
Definition
Name for the process of increasing the connectivity and interdependence of the world's markets and businesses.
This process has speeded up dramatically in the last few decades as technological advances make it easier for people to travel, communicate, and do business internationally. Two major recent driving forces are advances in telecommunications infrastructure and the growth of the internet. In general, as economies become more connected to other economies, they have increased opportunity but also increased competition. Thus, as globalization becomes a more and more common feature of world economics, powerful pro-globalization and anti-globalization lobbies have arisen.
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