Final answer:
The term 'Wal-Martization' refers to the profound impact Wal-Mart has had on altering business practices, labor markets, and community economies, often leading to negative consequences for local businesses and economies in the U.S. and internationally.
Step-by-step explanation:
The concept being described is often referred to as 'Wal-Martization', a term that encapsulates how Wal-Mart has transformed business practices, labor markets, and community structures both in the United States and globally. This transformation is multifaceted, affecting the economic well-being of communities, particularly small towns where Wal-Mart's entry can lead to the decline of locally owned stores. As these 'mom and pop' stores close, the local economic structure suffers since less money circulated within the community and jobs that are created are often low-paying with few benefits.
Furthermore, this phenomenon is not isolated to the retail sector; it also impacts manufacturers, transportation workers, and local media outlets that would have otherwise done business with local retailers. The shifts towards technology and globalization have only intensified this impact, with businesses facing competition not just from Wal-Mart, but from online business models as well, which can connect suppliers and buyers worldwide through 'business-to-business' websites.
Moreover, the influence of Wal-Mart extends internationally, affecting labor practices and cultural attitudes as the company has grown to be the world's largest corporation. Its dominance in retail trade shapes economies and cultural trends far beyond its initial storefronts.