Question

Is globalization solely related to economic activities? Give reasons.

Answer 1

Answer:

Explanation:

According to the Committee for Development Policy (a subsidiary body of the United Nations), from an economic point of view, globalization can be defined as:

“(…) the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, the flow of international capital and the wide and rapid spread of technologies. It reflects the continuing expansion and mutual integration of market frontiers (…) and the rapid growing significance of information in all types of productive activities and marketization are the two major driving forces for economic globalization.”