Globalization of the Economy
Globalization of the Economy : The phenomenon of economic globalization was identified by the Turin European Council (March 1996) as one of the major challenges facing the European Union at the end of the twentieth century. The term refers to a process of growing economic integration worldwide, and the main driving forces behind it are: (1) the liberalization of international trade and capital movements; (2) accelerating technological progress and the advent of the information society; (3) deregulation. These three factors accentuate each other: technological progress stimulates international trade and worldwide patterns of trade allow for more effective dissemination of technological progress. At the same time, deregulation stimulates the development of new forms of technology and contributes to removing barriers to trade. Some observers, however, blame technological progress for enabling businesses and individuals to find a way round national regulations more easily. See: Globalization; World Trade Organization
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