Economic globalization refers to the increasing integration and interdependence of national, regional, and local economies across the world through the intensified cross-border movement of goods, services, capital, technology, and information. It involves the expansion of international trade, financial flows, foreign direct investment, and the spread of technologies and organizational practices among countries
. Key characteristics of economic globalization include:
- Growth in global trade of commodities and services.
- Increased flow of international capital and investments.
- Rapid dissemination of technology and information.
- Reduction of trade barriers and tariffs facilitating easier market access.
- Integration of production and markets across borders.
- Movement of labor and migration in some contexts
This process has been driven by advances in transportation, telecommunications, and information technology, as well as international agreements like the World Trade Organization that promote trade liberalization
. Economic globalization has led to greater economic interdependence among countries, enabling consumers worldwide to access products from diverse origins and companies to operate internationally. However, economic globalization has also resulted in uneven integration of countries into the global economy, contributing to rising inequalities and tensions in some cases
. Despite these challenges, it remains an irreversible trend shaping the global economic landscape
. In summary, economic globalization is the worldwide expansion and intensification of economic activities and connections, making economies more interconnected and interdependent than ever before
