Explain the economic aspect of globalization?
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Globalisation has three main aspects which are economic, political and socio-cultural (University of Leicester 2009). Economic aspect focuses on the integration of global economies as well as flow of trade and capital across nation borders. Socio-cultural aspect emphasises on the exchanging of social and culture.
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Economic globalization refers to the increasing interdependence of worldeconomies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies.
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