globalization

noun

Saygloh-buh-ly-ZAY-shuhnUS/ˌɡloʊ.bə.laɪˈzeɪ.ʃən/UK/ˌɡləʊ.bə.laɪˈzeɪ.ʃən/AUS/ˌɡləʉ.bə.lɑeˈzæɪ.ʃən/

2 meanings of globalization

1
connected worldnoununcountable
The process by which the world becomes more closely interconnected.
Globalization has brought cheap phones to remote villages and foreign films to small-town theaters.
Some historians trace globalization back to the long sea voyages of earlier centuries.
Similarinternationalization
2
spread of capitalismnoununcountable
In world-systems theory, the process by which capitalist models come to dominate the world economy.
World-systems scholars describe globalization as capitalist markets spreading outward from a wealthy core to a dependent periphery.
In the world-systems view, globalization has drawn even former socialist states into a single capitalist world economy.

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Formed from globalize + -ation.