According to Merriam-Webster, globalization is defined as “the act or process of globalizing: the state of being globalized; especially: the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets.”
Though this definition has an economic slant, it’s relative to other identified types of globalization. Social, technological, financial, economic, political, cultural, ecological, and sociological globalization are some of the more commonly studied. In short, globalization is the increasing interconnectedness of our world that has been happening for many years (starting with modern spice routes back in the 7th century) but has been rapidly accelerating over the last 50 years.
Yet, recently, with the global pandemic, there has been discussion about a return to isolationism. So, what do we, as marketing professionals, need to understand about globalization and how it affects our firms and the businesses we’re building? Let’s look at a few of the types of globalization that affect the A/E/C industries.
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Article, written by Jennifer Van Vleet, CPSM, first appeared in the December 2021 issue of Marketer journal.