Financial Definition of Globalization

Tendency toward a worldwide investment environment, and the integration of national capital markets.

A global movement to increase the flow of goods, services, people, real capital, and money across national borders in order to create a more integrated and interdependent world economy.

Browse or run a search for Globalization in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Globalization in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Globalization in Historical Law in the Encyclopedia of Law.

Search for legal acronyms and/or abbreviations containing Globalization in the Legal Abbreviations and Acronyms Dictionary.

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Vocabularies (Semantic Web Information)

A combination of several forces, especially economic, drawing the world together into a pattern of interdependence.

Viewed narrowly, globalization is a governmental policy favoring free trade, open borders, the free movement of capital and goods (but not always of people, save in the European Union).

A combination of several forces, especially economic, drawing the world together into a pattern of interdependence.

Viewed narrowly, globalization is a governmental policy favoring free trade, open borders, the free movement of capital and goods (but not always of people, save in the European Union).

Definition of Globalization

The Canada social science dictionary [1] provides the following meaning of Globalization: A comprehensive world-wide process of the internationalisation of communication, trade and economic organization. In the economic sphere it can be seen in international trade agreements, vast increases in the volume of international trade and growing economic interdependency. It is also marked by the expansion of the size and power of multinational corporations and the development of the American entertainment industry’s domination of international cultural communication. Generally the process is seen as driven by the growth of international capitalism and involving the transformation of the culture and social structures of non-capitalist and pre-industrial societies. See: FREE TRADE in this legal dictionary and in the world encyclopedia of law.

Globalization: Resources

Notes and References

• Drislane, R., & Parkinson, G. (2016). (Concept of) Globalization. Online dictionary of the social sciences. Open University of Canada

Resources

Legal English Vocabulary: Globalization in Spanish

Online translation of the English legal term globalization into Spanish: globalización (English to Spanish translation) . More about legal dictionary from english to spanish online.

Related to the Legal Thesaurus

What is the meaning of Globalization?

A definition of Globalization is provided here: A globally integrated system of production, marketing, finance, and management.

Definition of Globalization

In relation to social issues, a meaning of globalization is provided here: Refers to the many ways in which people are being drawn together not only by their own movements but also through the flow of goods/services, capital, and ideas/information. Globalization also includes the impact that increased human interactions have on the natural environment.

Globalization in the National Security Context

A definition and brief description of Globalization in relation to national security is as follows:The integration of economies and markets worldwide.

Globalization in Global Commerce Policy

In this regard, globalization is: from an economist’s point of view, at its simplest, a decline in costs of doing business across space. The term describes the increasing integration of national economic systems through growth in international trade, investment and capital flows. Definitions of globalization, both benevolent and malevolent, are too numerous to list here. Many analysts distinguish globalization from internationalization which they tend to see as much more benign. The entries on trade policy are here. In reality, globalization and internationalization exist side by side. Globalization is promoted by rapid improvements in international transport and communications. But many do not see globalization simply as an economic matter. This is because one of its effects is the relocation and integration of production processes among countries, reflecting the most appropriate technology and the best production cost. Globalization implies therefore a degree of reciprocal action and interdependence and a greater exposure to global economic developments, described by some as a loss of independence by national governments. Greater participation in the international economy has social and political implications. The entries on trade policy are here. Inflows of foreign investment into developing countries cause changes in employment and national income. The entries on trade policy in the Encyclopedia are here. Opponents of globalization claim that it increases the gap not only between rich and poor countries, but also among the peoples especially of developing countries. Some claim that globalization simply means corporations chasing ever cheaper labour and raw materials, and governments willing to ignore consumer, labour and environmental laws. To them, globalization is an insidious result of market forces, the economic power of multinational corporations and the growth of world trade. Their preferred remedy would be to restrict trade and investment flows. Defenders of globalization say poverty has many causes, including weak and corrupt governmental institutions and, for example, poor education and health services. They claim that developing countries that have opened their economies have seen the greatest reductions in poverty, and they cast doubt on the notion of rising global inequality. David Dollar points out that since 1980 the growth rates of developing countries have accelerated, that the number of poor people in the world has declined significantly, that global inequality among citizens of the world has seen a modest decline, that there is no general trend towards higher inequality within countries, and that wage inequality is rising worldwide. He says that solutions may depend partly on improved economic development strategies of developing countries and better access by them to the markets of developed countries. The entries on trade policy are here. In other words, the solution to the problems caused by globalism, assuming that one accepts this proposition, lies in fact in greater global integration and more globalization. See also anti-globalization, autarky, borderless world, delocalization, deindustrialization and Washington Consensus.[1]

Globalizationin the wold Encyclopedia

For an introductory overview on international trade policy, see this entry.

Resources

Notes and References

1. Dictionary of Trade Policy, “Globalization” entry (OAS)

See Also

Resources

See Also

• Economic Development
• Social development