Globalization of Production

Definition

The expansion of production processes across national borders, as companies seek lower costs, access to new markets, or specialized skills elsewhere.

Related terms

Outsourcing: Hiring external firms or individuals to perform specific tasks or produce goods on behalf of a company.

Supply chains: Networks of organizations involved in producing and delivering goods or services from suppliers to consumers.

Offshoring: Relocating parts of the production process overseas to take advantage of lower labor costs or other benefits.