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Globalization is the process of increasing interdependence and integration among the economies, markets, societies, and cultures of different countries worldwide. This is made possible by the reduction of barriers to international trade, the liberalization of capital movements, the development of transportation, and the advancement of information and communication technologies. [1]
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[4]: 235–236 China's share of the global trade surplus increased rapidly after it joined the WTO. [7]: 274 The country accumulated large trade surpluses and foreign currency reserves, which greatly increased government resources. [4]: 235–236 China resumed status as a member of the General Agreement on Tariffs and Trade (GATT) in 1987.
Preyer and Brös provide a simple operationalization of trade globalization as "the proportion of all world production that crosses international boundaries". [2] Chase-Dunn et al. note that trade globalization is one of the types of economic globalization, and define trade globalization as "the extent to which the long-distance and global exchange of commodities has increased (or decreased ...
The 2020 study finds that economic globalization has decreased security of global supply chains with most countries exhibiting greater exposure to resource risks via international trade – mainly from remote production sources – and that diversifying trading partners is unlikely to help nations and sectors to reduce these or to improve their ...
Economic globalization is the intensification and stretching of economic interrelations around the globe. [3] [4] It encompasses such things as the emergence of a new global economic order, the internationalization of trade and finance, the changing power of transnational corporations, and the enhanced role of international economic institutions.
The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination ...
He argues that populist anti-globalization movements such as that of the Trump presidency, while accurately identifying certain negative effects of free trade agreements (e.g. NAFTA, which lowered prices for American consumers at the cost of local manufacturing jobs) other aspects of their critiques are flawed as are their prescriptions.