Buying a bicycle which was made in China. Eating a McDonalds hamburger and sipping an ice cold Coca-Cola next to the Egyptian pyramids. That is globalisation!
Globalisation refers to the process by which the world’s economies have become closely linked and interconnected.
This trend has grown significantly since the 1980s and we now live in a world where people can easily travel to and work in other countries, goods and services can be traded across international borders, and it only takes seconds for anyone to communicate globally.
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Key terms:
Multinational company – a company which has significant operations in more than one country.
International trade – the movement of goods and the transfer of services between different countries.