globalization of production


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globalization of production

the integration of economic activities by units of private capital on a world scale. Globalization is a key element of post-Fordism (see FORDISM AND POST-FORDISM), and resides in the ability of the MULTINATIONAL COMPANY OR CORPORATION to harmonize, integrate and make its production flexible (see FLEXIBLE PRODUCTION). This ability has been enormously enhanced by the new technologies of communication and robotics. Final products can be assembled from many individual units, made in a large number of different countries, and can be flexibly produced to meet changing demand and to fill individualized market niches. Production thus becomes spatially structured, with multinationals organizing activity internationally in order to take advantage of different wage rates and different levels of unionization, to force employees to compete with each other, and to develop coherent global strategies of accumulation. Compare WORLD SYSTEM, PLURALIZATION OF CULTURE.
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Economic globalization manifests itself as the globalization of production, trade, finance and information.
The fundamental difference between international trade and the globalization of production is that not only raw materials and finished products cross international borders but also unfinished products in various stages of manufacture.
Manufacturers said globalization of production has pushed their companies to open operations overseas or sharpen their focus at home in Massachusetts.
In line with the automation and globalization of production processes, manufacturers have increased their focus on Safety, Quality and the Environment.
For instance, during the last several years, globalization of production has been accompanied by a massive jump in the total quantum of foreign direct investment, increased role and significance of transnational corporations in the world economy, and growth of far-flung international production networks.
The globalization of production, the corporate power of TNCS, and the role of neoliberal states in supporting and promoting globalization processes pose serious challenges for workers and communities attempting to defend jobs and improve their lives.
ICTs contribute to the globalization of production and capital markets by reducing the cost of information and communication.
Some scholars suggest that the globalization of production has also increased income inequality because it increases the power of employers over their workers.
As FDI and globalization of production increase, they are likely to affect global trade in frozen potato products.
Locating ourselves in the globalization of production, markets, finance, communications, and the labor force is essential if we are to even comprehend the current crisis, much less develop strategies to organize for social and economic justice.
His current research addresses how immigration and the globalization of production affect wages, employment, and industry structure in Asia, Mexico, and the United States.