Economic globalization
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Economic Globalization can be defined as the process of increasing economic integration between two countries, leading to the emergence of a global marketplace or a single world market[1] . Depending on the paradigm, globalization can be viewed as both a positive and a negative phenomenon.
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[2]. 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 “westernisation” of these developing cultures.
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