Modern Globalization

Definition

Modern globalization refers to the increasing interconnectedness of countries through trade, communication, and cultural exchange on a global scale. It is characterized by the flow of goods, services, information, ideas, and people across borders.

Related terms

Outsourcing: When companies hire workers or subcontract services from other countries with lower costs or specialized expertise.

Transnational Corporations: Large companies that operate in multiple countries simultaneously; they often have headquarters in one country but conduct business globally.

Cultural Diffusion: The spread or transmission of cultural beliefs, customs, practices, and ideas between different societies or regions.