Answer:
Globalization refers to the acceleration of global movements and exchanges (of people, goods, and services, capital, technologies, and cultural practices). Globalization has the effect of promoting and increasing interactions between different locations and populations around the world.
According to WHO, globalization can be defined as ” the increased interconnectedness and interdependence of peoples and countries. It is generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows.”
What Exactly Is Economic Globalization?
Globalization can be characterized as follows from an economic standpoint, according to the Committee for Development Policy (a UN subsidiary body):
"(...) the growing interdependence of world economies as a result of the expanding volume of cross-border commodity and service trade, the flow of international money, and the wide and rapid dissemination of technology." It reflects the continued expansion and mutual integration of market frontiers (...) as well as the rapidly growing importance of information in all types of productive activities. Marketization and economic globalization are the two major driving forces."
