Word of the Day
December 16, 2022
Globalization
The process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture; in economic terms, the increasing interdependence of national economies through free trade, capital flows, and multinational corporate operations.
From 'global' (1670s, meaning 'spherical') combined with '-ization' (denoting a process); the modern economic usage emerged in the 1960s and gained widespread currency in the 1990s following the fall of the Soviet Union and China's entry into the World Trade Organization.
Usage Examples
- Globalization promised lower consumer prices but devastated American manufacturing towns.
- Corporate leaders embraced globalization to access cheap labor markets while avoiding domestic environmental regulations.
- The World Economic Forum promotes globalization as essential to addressing climate change and economic inequality.
From the Show
Kenneth Rapaza’s analysis of corporate offshoring on the December 16th broadcast traced globalization’s origins to American boardrooms rather than foreign governments, connecting free trade policies to the World Economic Forum’s industrial transformation agenda.