Economic Impact Of Economic Globalization On World Economies

Economic Globalization Economic globalization can be defined as the increase in economic assimilation and cooperation between countries, regions and small economies around the world through the increased movement of goods and services across borders. While globalization involves increase in political, economic and social interconnection across nations around the globe, economic globalization mainly involves growth in markets, international trade as well as advancement in fields such as technology and science. Economic globalization has been on the rise since nations started reducing trade barriers and allowing movement across their borders structured on the General Agreement on Tariffs and Trade (GATT) and later the World Trade Organization (WTO). Political economy has already its place in the modern, globalizing world. To understand the workings of the international economy, it is necessary to analyze both political and economic aspects. Economic globalization has had such a big impact on world economies, both positively and negatively. Increased movement of goods and services has led to increased production due to presence of large markets. Developed countries have been able to invest in under-developed countries. This has enabled the under developed countries to get the much needed foreign investment, foreign expertise and this has seen improvement in their economies. Nevertheless, economic globalization has increased pressure on employment opportunities. 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