globalization

1. The increasing internationalization of economic, political, and cultural activity. Globalization is both characterized by and stimulated by improvements in telecommunications and travel infrastructures that facilitate the movement of people, capital, ideas, and consumer goods across geographical and political borders. Deregulation has also stimulated globalization, notably in the liberalization of China, India, and the former Soviet bloc. 2. The emergence of transnational organizations: "Globalization does not mean merely the expansion of communications, contacts, and *trade around the globe. It means the transfer of social, economic, political, and juridical power to global organizations ... in the form of * multinational corporations, international courts, or transnational legislatures" (Scruton, 2002, 127). Further reading: Micklethwait and Wooldridge (2003); Norberg (2003); Scruton (2002)

Auditor's dictionary. 2014.

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