What does the concept of globalization refer to?

The concept of globalization refers to the process by which businesses expand their operations and influence beyond their national borders, operating on an international scale. This involves the integration of economies, cultures, and societies through trade, investment, and communication. Globalization facilitates the exchange of goods, services, and ideas across the globe, allowing businesses to tap into new markets and leverage resources from different countries.

This process can lead to increased economic growth and innovation, as companies can benefit from a wider customer base and diverse input sources. Globalization also encourages cultural exchange and interaction among different peoples and communities, contributing to a more interconnected world. The emphasis is on the broad reach and impact of business activities that traverse national boundaries, which aligns closely with the principal definition of globalization.