Globalization

Definition

Globalization refers to the increasing interconnectedness and interdependence of countries through the exchange of goods, services, information, and ideas on a global scale.

Related terms

Cultural diffusion: The spread of cultural beliefs, practices, and ideas from one society to another.

Outsourcing: The practice of hiring workers or obtaining goods or services from another country.

Trade deficit: When a country imports more goods than it exports, resulting in an imbalance in trade.