A working definition of globalization is the global integration of economies through trade and investment flows, as well as the production of goods and services in order to enhance international competitiveness.
The economic profile of globalization includes the development of global corporations and global networks; the widespread internationalization of all forms of economic activity in production, marketing, consumption and capital, standards; the development and wide diffusion of lean production methods and a much greater disaggregation of production; the migration of labour-intensive, standard-technology production to low wage economies; the migration of highly
educated and skilled labour to countries of advanced information technology; the successful integration of a multinational and multicultural workforce in order to strategically deploy the economic and social benefits of diversity; the re-orientation of large-scale production in high wage economies from economies of scale to economies of scope; the shortening of product cycles; the integration of outside financial and other services into the production cycle; and the rapid growth and diffusion of service and knowledge-intensive activities particularly in advanced
industrial economies (Passaris, 2006).