Economic globalization

Economic globalization is one of the three key components of globalisation commonly found in academic literature, with the other two being political globalisation and cultural globalisation, as well as the general term of globalisation. The other two dimensions are political globalisation and cultural globalisation, as well as the general term of globalisation. Economic globalisation refers to the broad flow of products, money, services, technology, and information across national and international borders. Globalization is defined as the rising economic integration and interdependence of national, regional, and local economies around the globe as a result of the deepening of cross-border movement of commodities, services, technology, and money across international borders. Economic globalisation is comprised largely of the globalisation of production, finance, markets, technology, organisational regimes, institutions, businesses, and people. It also includes the globalisation of trade and investment.

Despite the fact that economic globalisation has been expanding since the beginning of transnational trade, it has grown at a faster rate in recent years as a result of increased efficiency in long-distance transportation, technological advancements, the increasing importance of information rather than physical capital in the modern economy, and advances in science and technology. As a result of the General Agreement on Tariffs and Trade and the World Trade Organization, nations have been steadily lowering trade barriers and opening up their current and capital accounts, which has accelerated the pace of globalisation even more. A substantial part of this recent expansion has been fueled by industrialised economies integrating with developing nations via foreign direct investment, cheaper costs of doing business, the removal of trade barriers, and, in many instances, cross-border migration.