Financial Dictionary -> General Finance -> Globalization

The theory of Globalization has become a highly debatable part of our modern society and has both very strong supporters and very strong opposition. It basically refers to the economies of the world unifying as one. The controversy comes from the fears that not only will the world's economies unite but also the world's currency, technology, governments and social status.

Conspiracy theorists, branches of religion, terrorists and a lot of everyday people and politicians (to varying degrees) accuse the United States of trying to globalize the world for its own profit. Common citations of this include the various invasions on the Middle East. Many claim "the war on terror" is just a mask for the US and its controlling corporations to gain more power by gaining profitable resources like oil and overthrowing the governments of these countries.

This is often separated from the traditional study of Globalization by calling it Americanization.
Political views aside, pre 9/11 Globalization was simply the study of how trade barriers have almost universally been dropped and now it is common practice for countries to trade back and forth to aid each other's economies. Due to the massive advancement of technology like the telephone and the internet world inter connectivity is boundless.

The rise of Europe and the use of the Euro is a form of this Globalization in action (although it is also often debated). It is now easier to trade, travel and work between different European countries. The UK refused to take on the Euro and still uses its own pounds and sterling currency.

A hot country when discussing Globalization and the world economy in general is China, which is known as a rising nation. Due to its astronomical size and population, successful integration of China or just successful business dealings with China potentially means massive profits.