What does the term globalization refer to?

Globalization refers to the process by which businesses and organizations develop international influence and operate on a global scale. This encompasses a wide range of economic, cultural, political, and social behaviors that transcend national boundaries.

In this context, businesses engage in globalization by expanding their markets beyond their local or national borders, allowing them to reach new customers, access resources, and optimize operations across different countries. This leads to an interconnected world where trade, investment, and cultural exchanges flourish, benefiting not just the businesses involved but also consumers who gain access to a wider variety of products and services.

The focus of globalization is on the integration and interdependence of economies and cultures, which significantly differs from the ideas of isolating markets, increasing only local product demand, or diminishing cultural exchanges. These aspects underscore the true essence of globalization as a dynamic and expanding phenomenon that shapes the modern world.