Quiz In Economic Globalization

Unit 2 QuizGeneral instruction: Answer the following question concisely. Part 1 TopicWhat is economic globalization?Economic Globalization is the ascending interdependence of the world economies as a result of the growing scale of cross-border trade of products and services, the rotation of international capital, and the wide and rapid spread of technological machines. As per Dicken (2004), globalization is inherently geographical. Understanding economic globalization as a process requires us to consider the way space, place, and time are configured and reconfigured as a result of contemporary changes in technological, and economic practices, and changes in the worldWho are the actors that facilitate economic globalization?International Economic Organization is the one responsible for creating and developing neoliberal policies, facilitating trade and development against countries. Promoting policies that are market-oriented laws eliminating price control, deregulating capital, and lowering trade barriers such as reducing taxes and tariffs.Example: NAFTA (North America Free Trade Agreement) – they mass reduce trade barriers or eliminate tariffs. That is why NAFTA is known as the huge free trade zoneMultinational Companies is known as the carriers of economic globalization, specifically countries that operate in different state and