Globalization
...The increasing world-wide integration of markets for goods, services and capital that attracted special attention in the late 1990s.
2. Also used to encompass a variety of other changes that were perceived to occur at about the same time, such as an increased role for large corporations (MNCs) in the world economy and increased intervention into domestic policies and affairs by international institutions such as the IMF, WTO, and World Bank.
3. Among countries outside the United States, especially developing countries, the term sometimes refers to the domination of world economic affairs and commerce by the United States (Deardoff).
Alternate definitions of globalization have slants related to the group or industry defining it. For software development, for instance, globalization can mean the following (Tuffley):
The process of developing, manufacturing, and marketing software products that are intended for worldwide distribution. This term combines two aspects of the work: internationalization (enabling the product to be used without language or culture barriers) and localization (translating and enabling the product for a specific locale (Tuffley).
On the other hand, generalist definitions also include that globalization is
The generalized expansion of international economic activity which includes increased international trade, growth of international investment (foreign investment) and international migration, and increased creation of technology among countries. Globalization is the increasing world-wide integration of markets for goods, services, labor, and capital (Federal Reserve Bank of Minneapolis).
Advantages and Disadvantages, Effects on Businesses and People
Two opposing camps view globalization as positive and negative socially and economically. On the one hand, the positivists view globalization as mainly a force for good, an engine for...
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