global economy

Cultural Dictionary

global economy definition


The international spread of capitalism, especially in recent decades, across national boundaries and with minimal restrictions by governments. The global economy has become hotly controversial. Critics allege that its props, free markets and free trade, take jobs away from well-paid workers in the wealthy nations while creating sweatshops in the poor ones. Its supporters insist that the free movement of capital stimulates investment in poor nations and creates jobs in them. The process is also called globalization.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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