Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, and wage labor. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
Globalization, or globalisation, is the process of interaction and integration among people, companies, and governments worldwide. The term globalization first appeared in the early 20th century, developed its current meaning some time in the second half of the 20th century, and came into popular use in the 1990s to describe the unprecedented international connectivity of the post-Cold War world. Its origins can be traced back to 18th and 19th centuries due to advances in transportation and communications technology. This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects. However, disputes and international diplomacy are also large parts of the history of globalization, and of modern globalization.
Stony Brook is a hamlet and census-designated place (CDP) in the Town of Brookhaven in Suffolk County, New York, United States, on the North Shore of Long Island. Begun in the colonial era as an agricultural enclave, the hamlet experienced growth first as a resort town and then to its current state as one of Long Island's major tourist towns and centers of education. Despite being referred to as a village by residents and tourists alike, Stony Brook has never been legally incorporated by the state. The population was 13,740 at the 2010 census.
The concept of First World originated during the Cold War and comprised countries that were under the influence of the United States and the rest of NATO and opposed the Soviet Union and/or communism during the Cold War. Since the collapse of the Soviet Union in 1991, the definition has instead largely shifted to any country with little political risk and a well-functioning democracy, rule of law, capitalist economy, economic stability, and high standard of living. Various ways in which modern First World countries are usually determined include GDP, GNP, literacy rates, life expectancy, and the Human Development Index. In common usage, "first world" typically refers to "the highly developed industrialized nations often considered the westernized countries of the world".
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and then sells in smaller quantities to consumers for a profit. Retailers are the final link in the supply chain from producers to consumers.
A multinational company (MNC), also referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation or a stateless corporation with subtle but contrasting senses, is a corporate organization that owns and controls the production of goods or services in at least one country other than its home country. Control is considered an important aspect of an MNC, to distinguish it from international portfolio investment organizations, such as some international mutual funds that invest in corporations abroad simply to diversify financial risks. Black's Law Dictionary suggests that a company or group should be considered a multinational corporation "if it derives 25% or more of its revenue from out-of-home-country operations".
An export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country. The seller of such goods or the service provider is an exporter; the foreign buyer is an importer. Services that figure in international trade include financial, accounting and other professional services, tourism, education as well as intellectual property rights.
Glocalization or Glocalisation is the "simultaneous occurrence of both universalizing and particularizing tendencies in contemporary social, political, and economic systems." The notion of glocalization "represents a challenge to simplistic conceptions of globalization processes as linear expansions of territorial scales. Glocalization indicates that the growing importance of continental and global levels is occurring together with the increasing salience of local and regional levels."
Daniel Howard Yergin is an American author, speaker, energy expert, and economic historian. Yergin is vice chairman of S&P Global. He was formerly vice chairman of IHS Markit, which merged with S&P in 2022. He founded Cambridge Energy Research Associates, which IHS Markit acquired in 2004. He has authored or co-authored several books on energy and world economics, including the Pulitzer Prize–winning The Prize: The Epic Quest for Oil, Money, and Power, (1991) The Quest: Energy, Security, and the Remaking of the Modern World (2011), and The New Map: Energy, Climate, and the Clash of Nations (2020).
China Baowu Steel Group Corp., Ltd., commonly known as Baowu, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China. The company was formed by Baosteel Group absorbing its smaller state-owned peer, Wuhan Iron and Steel Corporation in 2016. It is world's largest steel producer.
Roland Robertson was a sociologist and theorist of globalization who lectured at the University of Aberdeen in Scotland. Formerly, he was a professor of sociology at the University of Pittsburgh, and in 1988 he was the President of the Association for the Sociology of Religion.
Hisense Group is a Chinese multinational major appliance and electronics manufacturer headquartered in Qingdao, Shandong Province, China. Televisions are the main products of Hisense, and it is the largest TV manufacturer in China by market share since 2004. Hisense is also an OEM, so some of its products are sold to other companies and carry brand names not related to Hisense.
In economics, competition is a scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place. In classical economic thought, competition causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products. The greater the selection of a good is in the market, prices are typically lower for the products, compared to what the price would be if there was no competition (monopoly) or little competition (oligopoly).
A financial centre (BE), financial center (AE), or financial hub, is a location with a concentration of participants in banking, asset management, insurance or financial markets with venues and supporting services for these activities to take place. Participants can include financial intermediaries, institutional investors, and issuers. Trading activity can take place on venues such as exchanges and involve clearing houses, although many transactions take place over-the-counter (OTC), that is directly between participants. Financial centres usually host companies that offer a wide range of financial services, for example relating to mergers and acquisitions, public offerings, or corporate actions; or which participate in other areas of finance, such as private equity, hedge funds, and reinsurance. Ancillary financial services include rating agencies, as well as provision of related professional services, particularly legal advice and accounting services.
The digital economy is a portmanteau of digital computing and economy, and is an umbrella term that describes how traditional brick-and-mortar economic activities are being transformed by Internet, World Wide Web, and blockchain technologies. The digital economy is variously known as the Internet Economy, Web Economy, Cryptoeconomy, and New Economy. Since the digital economy is continuously replacing and expanding the traditional economy, there is no clear delineation between the two integrated economy types. The digital economy results from billions of daily online transactions among people, organizations, and distributed computing devices enabled by Internet, World Wide Web, and blockchain technologies. The digital economy is rapidly evolving into an Internet of Things (IoT), and could not exist in its current form without the Internet.
Although information has been bought and sold since ancient times, the idea of an information marketplace is relatively recent. The nature of such markets is still evolving, which complicates development of sustainable business models. However, certain attributes of information markets are beginning to be understood, such as diminished participation costs, opportunities for customization, shifting customer relations, and a need for order.
Harold "Hal" L. Sirkin is an American business consultant and author, who often writes about trends in innovation and global business competition. He graduated summa cum laude from the Wharton School of the University of Pennsylvania in 1980 with a B.S. in Economics, and from the University of Chicago in 1981 with an M.B.A. He is also a professor at Kellogg School of Management and a CPA.
Economic globalization is one of the three main dimensions of globalization commonly found in academic literature, with the two others being political globalization and cultural globalization, as well as the general term of globalization. Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital. Economic globalization primarily comprises the globalization of production, finance, markets, technology, organizational regimes, institutions, corporations, and people.
The following outline is provided as an overview of and topical guide to the broad, interdisciplinary subject of globalization:
Competitive landscape is a business analysis method that identifies direct or indirect competitors to help comprehend their mission, vision, core values, niche market, strengths, and weaknesses. Based on the volatile nature of the business world, where companies represent a competition to others, this analysis helps to establish a new mind-set which facilitates the creation of strategic competitiveness.
