Blog4: What is the relation between economy and globalization? --ZHANG XIAOTONG

 Globalization usually refers to economic globalization, which refers to the process of production factors flowing and configuring around the world beyond national boundaries. Economy and globalization are closely related. Globalization is usually regarded as an important factor in promoting economic development and change. At the same time, economic factors also play a key role in the process of globalization.

Impact of globalization on economy: Globalization provides a broad stage for economic development. With the development of information technology and the progress of transportation, the connection between countries is becoming increasingly close, and the global market is gradually taking shape. Economic globalization realizes the division of labor, cooperation and mutual integration of markets in various countries through market economy, advanced technology and productivity, division of labor, trade, investment, multinational corporations and factor flow. This open and interconnected environment has created favorable conditions for economic development, attracted more investment and resource inflows, optimized the allocation of global resources, labor and financial resources, and promoted the prosperity and development of the global economy. ‌

Impact of economy on globalization: The development of regional economy has promoted economic globalization and promoted the process of globalization. Economic growth and development have made trade and investment between countries more frequent and close, and enterprises in various countries have continuously expanded their share of the global market. The rise of multinational corporations has become an important driving force for globalization. The development of regional economic grouping and multinational corporations is an important manifestation of economic globalization. In turn, economic globalization has also promoted the development of regional economies and optimized the allocation of regional resources, labor and financial resources.

In summary, the relationship between economy and globalization is interdependent and interactive. Globalization has promoted the transnational flow of international trade, investment and production, and promoted global economic integration. Economic factors, especially market demand, resource allocation, technological innovation, etc., are important driving forces for the process of globalization.

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