Economic globalization

Economic globalization is the increasing integration of national economies through cross-border trade, investment, production, finance, technology, and labor flows.

Global value chain: A cross-border sequence of activities through which firms design, produce, market, and deliver a product or service. Production is divided among countries, linking firms and workers in multiple economies.
Bretton Woods system: The postwar monetary and financial order established by agreements made in 1944. It created institutions and rules that supported economic cooperation after World War II.
Offshoring: The relocation of business activities from one country to another. Firms use it to place production or services where costs, skills, or conditions suit their needs.
Trade creation: The replacement of higher-cost domestic production with lower-cost imports after trade barriers fall. It captures one way liberalization can increase efficiency and consumer choice.
Economic nationalism: An approach that prioritizes national control of economic activity and protection of domestic producers. It favors national economic priorities over deeper cross-border integration.
Foreign direct investment: Cross-border investment that gives an investor lasting influence over a foreign enterprise. Multinational firms use it to establish or expand production across national borders.
General Agreement on Tariffs and Trade: A multilateral agreement that governed international trade in goods from 1948 until the World Trade Organization replaced it. Successive negotiating rounds reduced tariffs and expanded rules for international commerce.
Global production network: A geographically dispersed network of firms and institutions involved in producing goods or services. It shows how entire industries coordinate activities across borders.
Import competition: Competitive pressure on domestic producers from goods or services supplied by foreign firms. Its local effects can include lower prices alongside job losses in exposed industries.
Protectionism: Government policies that restrict imports or favor domestic producers over foreign competitors. Tariffs and other barriers can slow the cross-border exchange associated with globalization.

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