Components of economic globalization:

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The process of economic globalization is characterized by a number of features, including:

The increase in the consumption of goods and services.
The ease of marketing products between different countries.
Promotion through free trade agreements and economic blocs.
The implementation of technology to carry out transaction processes.
Reduction of transportation costs thanks to the optimization of communications.
The elimination of barriers in international marketing.
Entities involved in the process of economic globalization:
In addition to having specific main characteristics, economic how overseas chinese contribute to business in the usa globalization has a series of institutional actors at a global level that participate and interfere in the process:

NGO – International Non-Governmental Organizations: non-profit entities with a presence in multiple countries. They carry out activities with humanitarian objectives.
IGOs – International Governmental Organizations: created through treaties and/or agreements between various countries, they usually fulfill the objective of mediating in matters of needs and problems that involve the States belonging to the IGO.
Multinational or transnational corporations: companies, generally private, that have a wide presence in different countries around the world and usually move large investments in human, capital and material resources.
Importance of economic globalization
The importance of economic globalization , as we have mentioned throughout this content, lies in the elimination of barriers between different countries, with the aim of strengthening their commercial relations.

Economic globalization has expanded markets, giving countries the opportunity to benefit from and access flows of capital, human talent and technology that contribute to their needs and development. It has also been fundamental in agreements and taking advantage of cheaper imports and exports to more diverse and broader markets.

In addition to the aforementioned aspects that define the importance of economic globalization , it also has a series of advantages and/or benefits that can represent opportunities that allow the flow of various types of capital.

Benefits of economic globalization:
Among the main benefits or advantages provided by the process of economic globalization are:

Reduction in costs in industrial production: economic globalization allows costs in this area to be reduced and generate cheaper prices, also contributing to capital savings.
Increases employment: through free trade agreements or agreements between countries to import or export products, an increase in employment is recorded, which undoubtedly represents a great economic and social benefit for them.
Increased competitiveness: a competitive environment is generated between companies, which is reflected in an increase in products to be marketed and the optimization and improvement of their quality.
Access to technology: the implementation of new technologies or their improvement represents greater and better production, characterized by speed, efficiency and the continuous possibility of improvement.
Product diversity: Economic globalization allows consumers or clients to have a greater quantity and variety of products, goods and services at their disposal.
Examples of economic globalization
Below you can see some examples where the process of economic globalization can be applied :

The stock market is a great example, as its current quotes can generate profits or consequences for companies around the world. In addition, thanks to technology, today, you can participate with stock market investments from anywhere.
Social media: as an element of digital marketing, it allows the marketing of almost any product or service, through technology and from anywhere in the world.
Free trade agreements: another good example, they refer to agreements between countries to import and export products, obtaining commercial benefits.
International monetary transactions: creation of new currencies that allow trading in global markets. They do not depend on banks.
Business expansion: transnational and multinational companies that are experiencing rapid expansion, thanks to the possibility of establishing subsidiaries in various parts of the world.
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Economic globalization is a transcendental and very relevant issue within the field of commerce and business, that is why professionals who study business administration are increasingly in demand in the labor market, since in order to understand this process and contribute to the economic development of the world, companies need to have expert and professional personnel.

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