What is the term for the process of businesses developing international influence?

The process of businesses developing international influence is known as globalization. This term refers to the increasing interconnectedness of economies, industries, markets, cultures, and populations on a worldwide scale. Globalization occurs as a result of trade, investment, technology transfer, and the movement of people, leading to an environment where companies can operate across borders more easily. It facilitates the expansion of businesses into international markets, allowing them to reach a larger customer base and tap into new resources and opportunities.

Globalization also plays a crucial role in shaping economic policies and practices, as countries often engage in cooperative trade agreements and liberalization efforts to attract foreign businesses and investments. The impact of globalization can be seen in various industries, such as technology, manufacturing, and service sectors, where companies establish operations in different countries to optimize costs and enhance competitiveness.

This understanding highlights why globalization is the appropriate term for the process described, as it encapsulates the broader systematic change in business practices and influences that transcend national boundaries.