1. The increasing world-wide integration of markets for goods, services and capital that began to attract special attention in the late 1990s. 2. Also used to encompass a variety of other changes that were perceived to occur at about the same time, such as an increased role for large corporations (MNCs) in the world economy and increased intervention into domestic policies and affairs by international institutions such as the IMF, WTO, and World Bank. 3. Among countries other than the United States, especially developing countries, the term sometimes refers to the domination of world economic affairs and commerce by the United States.