Globalization (Economics)

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  • Economic integration of national economies into the international economy through trade. Globalization is mainly the result of tech nological innovation that reduces the cost of production and facilitates the rapid movement of economic and financial resources as well as finished products across national boundaries.

    By definition, globalization is not a novel phenome non. The first wave of globalization occurred roughly between 1870 and 1914, as a result of the removal of trade barriers and new technologies that reduced trans portation costs as a result of the introduction of railways and the shift from sail ships to steamships. The second wave of globalization occurred after World War II until about 1980. It was largely propelled by manufacturing and agglomeration economies (clusters and vertical link ages) to exploit ...

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