Globalization

Globalization is the growing integration and interdependence of societies through cross-border flows of goods, capital, people, information, and culture.

International trade: The exchange of goods and services across national borders. Trade links production and consumption across countries, making supply chains internationally interdependent.
Silk Road: A network of Eurasian trade routes that connected East Asia, Central Asia, the Middle East, and Europe. Its long-distance exchange illustrates early connections among distant societies.
Offshoring: The relocation of business activities from one country to another. It changes where firms employ workers and produce goods as borders become easier to cross.
Economic nationalism: An approach that prioritizes national control of the economy and domestic economic interests. It favors national priorities where globalization often relies on cross-border interdependence.
World Trade Organization: An international organization that provides a framework for trade rules and dispute settlement among member states. Its authority and effectiveness are contested when trade rules meet national priorities.
Foreign direct investment: Investment that gives a firm lasting ownership or control of business operations in another country. Multinational firms use it to establish production and services across borders.
Age of Discovery: The period of sustained European maritime exploration and overseas expansion beginning in the fifteenth century. Oceanic routes extended trade and empire across continents.
Income inequality: The unequal distribution of income among individuals or groups within a population. Global integration can raise incomes unevenly across workers, regions, and countries.
Protectionism: Government policies that restrict imports or favor domestic producers over foreign competitors. Tariffs and other barriers limit the trade flows that drive economic integration.
Global tax avoidance: The use of cross-border arrangements to reduce tax liabilities across jurisdictions. Mobile firms and capital raise questions about where profits should be taxed.

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