Globalization is the growing connection between economies around the world. Goods, money, people, and ideas cross borders faster and more cheaply than ever. A phone designed in California, assembled in China, and sold in Brazil is a product of globalization. So is a Filipino nurse working in London or a German car factory in South Carolina.

Trade and investment are the main drivers. Falling tariffs, container shipping, and the internet have all reduced the cost of doing business across borders. Multinational companies build supply chains that span continents. Consumers get cheaper goods and more variety. Workers in exporting countries get jobs.

The benefits are uneven. Some communities lose factories and never recover. Inequality within countries has widened in many places. Critics point to environmental damage and labor exploitation. Supporters argue that globalization has lifted hundreds of millions out of poverty. The debate is not settled.

Drivers of globalization

• Lower trade barriers
• Cheap transportation
• Digital communication
• Multinational corporations
• Migration and labor mobility