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Economic globalisation refers to increasing economic interdependence of national economies across the world through a rapid increase in cross-border movement of goods, service, technology and capital. [1] It is the process of increasing economic integration between countries, leading to the emergence of a global marketplace or a single world market[2]. Depending on the paradigm, globalization can be viewed as both a positive and a negative phenomenon.

Economic globalisation comprise of the globalization of production, markets, competition, technology, and corporations and industries. [3] Whilst economic globalization has been occurring for the last several thousand years (since the emergence of trans-national trade), it has begun to occur at an increased rate over the last 20-30 years[4]. This recent boom has been largely accounted by developed economies integrating with less developed economies, by means of foreign direct investment, the reduction of trade barriers, and the modernization of these developing cultures.

See also

Notes

  1. ^ Joshi, Rakesh Mohan, (2009) International Business, Oxford University Press, New Delhi and New York ISBN 0195689097
  2. ^ Riley, T: "Year 12 Economics", page 9. Tim Riley Publications, 2005
  3. ^ Joshi, Rakesh Mohan, (2009) International Business, Oxford University Press, New Delhi and New York ISBN 0195689097
  4. ^ Riley, T: "Year 12 Economics", page 12. Tim Riley Publications, 2005
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