Globalization refers to the growing integration of economies around the world through increased international trade and investment. It involves businesses thinking globally about strategy rather than focusing only on national markets. Globalization accelerates technological change as the easy transfer of data via computers and the internet plays an important role in speeding up globalization. While globalization increases foreign trade, investment, and market expansion, it can also lead to job losses and the dominance of foreign institutions in some countries. Rapid technological innovations over the past 20 years, like the commercialization of the internet, launch of smartphones, and rise of social media, have accelerated globalization by allowing easy global connections.