Abstract
A rapid globalization of economic activity from the 1960s has significantly changed the world’s economy. However, the term ‘globalization’ has not been well or clearly defined. For some, it refers to the choices and strategies of transnational corporations (TNCs), which emphasize standardization and the fragmentation of production. Globalization is the outcome of the behaviour of TNCs and the liberalization of economies. It can be seen to lack legitimacy, accountability, organization and transparency. Globalization’s proponents point to higher productivity and efficiency, increased average wages, greater competition, lower prices and increased product variety and quality; critics point to the socio-economic costs: increasing income gaps and inequality, uprooting of local brands, environmental degradation and so on. With no agreed definition of the term, the confusion in discussions and analysis looks likely to continue.
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Jovanović, M.N., Simić, J.D. (2016). Globalization. In: Augier, M., Teece, D. (eds) The Palgrave Encyclopedia of Strategic Management. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-94848-2_417-1
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DOI: https://doi.org/10.1057/978-1-349-94848-2_417-1
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