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Economic globalization refers to the process through which national markets have continued to be integrated, which results in development of a global marketplace, otherwise, referred to as a single world market. Globalization has been driven by socio-cultural, technological, environmental and political factors to make the markets more reliant on each other and benefit from the strengths of each country. Critical drivers of globalization have been the enhancement of free trade, changes in consumer awareness, removal of exchange controls, deregulation, improved transportation and advancements in communication technology. Adopting a globalized approach has benefited the world through the new markets while opening up markets for the established economies.
The concept of globalization is derived from the word global which means expand throughout the world or in essence acquiring the capacity to spread worldwide. Having a globalized economy entails having countries or production processes that are dependent on markets across different nations for buyers or as sources of the products (García & Wantchekon, 2015). A globalized economy, therefore, is an economy that is reliant on the harnessing of the strengths of each nation to boost the production processes as well as increase the market for the finished product. Having a globalized economy portends a level of interdependence amongst countries either as sources of the required raw materials or as the market for the finished goods. Equally, globalization has birthed some concepts like outsourcing where companies strive to lower the production costs by shifting the production processes to countries that have lower costs of production or with cheaper costs of labor.
International trade has always existed across different nations, but globalization has shifted the focus away from the nations. Countries have increasingly taken lesser roles in defining the manner in which corporations would set up businesses and the mode of engagement necessary in a globalized...
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