Reading Assignment 4: Economic and Globalization -CAI YAYU
A ) Summary The term "economic globalization" was first coined by T. Levy in 1985, but there is still no agreed definition. According to the International Monetary Fund (IMF), "economic globalization refers to the increase in the scale and form of cross-border trade in goods and services and capital flows, as well as the widespread and rapid diffusion of technology that has increased the interdependence of the world's economies". According to the Organization for Economic Co-operation and Development (OECD), "economic globalization can be seen as a process in which economies, markets, technologies and forms of communication are increasingly global in character and national and local identities are diminishing". To this end, economic globalization can be understood in three ways: firstly, the strengthening of economic ties and the increasing interdependence of countries around the world; secondly, the growing convergence of domestic economic rules; a...