What do you understand by Globilisation? Discuss the economic dimensions of Globalisation?

Globalization refers to the process of increasing interconnectedness and interdependence among countries, economies, and cultures, facilitated by advances in communication, transportation, and trade. It encompasses the movement of goods, services, information, people, and capital across national borders, creating a global network of exchanges and interactions. The phenomenon of globalization has been accelerated by the technological advancements in the late 20th and early 21st centuries, leading to greater economic integration, cultural exchanges, and political interdependence.

Globalization can be examined from various perspectives, including economic, social, political, and cultural dimensions. However, the economic dimensions are the most prominent and have the most significant impact on urban development. Economic globalization refers specifically to the expansion of international trade, investment, and capital flows, which have altered the economic landscapes of both developed and developing nations.

Economic Dimensions of Globalization

1. International Trade and Markets: One of the most direct economic impacts of globalization is the expansion of international trade. Through the liberalization of trade policies, reduction in tariffs, and the rise of global supply chains, countries have gained access to broader markets. This has led to an increase in the production and exchange of goods and services across borders, resulting _________ ____ ____ __________ ______ ____ ___ __________ ____ _____ ______.
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