What is globalization?

Globalization refers to the process by which businesses and other organizations develop international influence or operate on an international scale. This phenomenon involves the integration of economies, cultures, technologies, and communications across national borders, leading to a more interconnected world. As businesses engage with global markets, they adapt their products and services for international audiences, and in doing so, they often contribute to the exchange of ideas, information, and cultural practices.

The concept encompasses various aspects such as the flow of goods and services, the movement of capital and investment, and the transfer of technology and knowledge. In essence, globalization signifies the diminishing barriers that once confined economic and cultural exchanges within national boundaries, leading to increased collaboration and interaction among countries.