Economic globalization is the increasing interdependence of national economies through trade and capital movement, creating a single global marketplace with both benefits and drawbacks.
Economic globalization refers to the increasing economic interdependence of national economies across the world through the movement of goods, services, technology, and capital. It involves reducing barriers to international trade and capital movement, leading to a single global marketplace.
Mutual interdependence of nations is a key aspect of economic globalization, where countries rely on each other for trade and economic growth rather than being isolated or independent. This interconnectedness can result in both benefits, like GDP growth and poverty reduction, and drawbacks, like exploitation of labor forces and unequal economic relations.
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