Routledge Dictionary of Economics, Second Edition
The expansion of domestic markets and activities into a world-wide system. As long ago as the Roman Empire trade was encouraged internationally In the seventeenth century companies trading to the East Indies from Western Europe not only exported and imported but established factories in distant countries. From the late nineteenth century major industrial and banking companies set up foreign subsidiaries.
Today globalization does mean that increasingly economic activity takes place within world-wide markets, often electronically BRANDING has produced more homogenization of tastes and reduced the scope for local production. With globalization national governmentss become less important: large corporations and world markets dictate the distribution of production and of incomes. Critics point out the threat to democracy posed by the establishment of institutions not subject to national governments.
See also: multinational corporation
References
Turner, A. (2001) Just capital: the liberal economy, London: Macmillan.
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