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globalization (business)  

Definition

  • Globalization is the ever-increasing process of integration of local and regional markets into one unitary market of products, services and capital. The main results of this process have been an increase in the interdependence of traditionally national markets on the macroeconomic level and the internationalization of corporate processes, especially production, distribution, and marketing, as well as the adoption of international business strategies on the microeconomic level. [Source: Encyclopedia of Business in Today's World; Globalization]

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https://concepts.sagepub.com/social-science/concept/globalization_(business)

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