The document discusses the definition and key parameters of globalization. According to the definition provided, for globalization to be fully realized and sustainable it must include the free movement of peoples, not just capital, goods, technology, and ideas. The four main parameters of globalization outlined are the reduction of trade barriers, free flow of capital, free flow of technology, and free movement of labor across national borders. The document also briefly mentions some challenges faced by global industries, such as improving quality and facing global competition, and how the effectiveness of globalizing legal norms depends on how closely they are connected to local cultural institutions and beliefs.