Globalization

Globalization refers to the increasing interconnectedness and interdependence of countries, economies, cultures, and societies worldwide. It is driven by advancements in technology, communication, transportation, and trade.

Globalization promotes the liberalization of trade and the removal of barriers, such as tariffs and quotas, to facilitate the free flow of goods, services, and investments across borders. This encourages economic integration and the establishment of regional and global trading blocs.

Globalization has led to the fragmentation of production processes across different countries, creating global supply chains that involve the production and distribution of goods and services across borders.

<p>Globalization has transformed the world into a more interconnected and interrelated system, where the actions and events in one part of the world can have significant consequences on other parts.</p> Signup and view all the answers

<p>Examples include the European Union and the World Trade Organization (WTO).</p> Signup and view all the answers