The steady process by which the productive capacity of the economy is increased over time to bring about rising levels of national output and income. The value of all goods and nonfactor services sold to the rest of the world. The currency of another nation needed to carry out international transactions between nations. Free trade has often been described as an engine of growth because it encourages countries to specialize in activities in which they have comparative advantages, thereby increasing their respective production efficiencies and hence their total output of goods and services. The integration of capital, technology, information, and people across national borders, in a way that is creating a single global market and to some degree a global village.
Globalization has important cultural, social, environmental, and political impacts.
Where nations enter into trade and investment in each other's economy as well as share information and technology. A market in which the goods and services traded are derived from many different countries around the world. A rise in the general level of prices in an economy. Generally measured by consumer and wholesale price indexes. An international association of nations formed after World War II to make loans of monies to nations with temporary international balance of payments deficits.