Economic globalization is defined as "the increasing economic integration and interdependence of regional, local, and national economies around the world by providing and promoting the movement of goods, services, technologies, and capital between borders." Over time, many different ideas have influenced/contributed to the development of economic globalization. First of all, transnational corporations were/are an enormous moving force towards economic globalization. Transnational corporations are accurately defined as corporations whose services or goods are produced and sold in more than one country. In other words, it's a company who operates in more than one country other than it's home country. Transnational corporations have been around …show more content…
This results in Nike being able to produce their products cheaper and more efficiently, as well as bypass certain taxes that they would have to face in the U.S. The money savings help them competitively price their items for the most optimal success. Nike is obviously not the only TNC that has done this, big companies such as Adidas, Coca-Cola, Apple, and Microsoft have been known to outsource. Transnationals benefit the world's economy in many ways. One of the ways is that they help create jobs and labour in developing countries. This can help reduce their poverty rates and can also lead to countries opening trade barriers in order to benefit from the transnational corporations. Another way that it helps us is that it passes on expertise and skills onto their workers, which can increase the countries' capital in general. Outsourcing does have its negatives, including abusing developing countries' workers and unethical procedures, however it can easily be argued that it is one of the main driving forces behind economic globalization. Another huge force supporting economic globalization are international