Economic globalization is an Irreversible Trend
Economic globalization refers to the increasing interdependence of world
economies as a result of the growing scale of cross-border trade of commodities and
services, flow of international capital and wide and rapid spread of technologies. It reflects
the continuing expansion and mutual integration of market frontiers, and is an irreversible
trend for the economic development in the whole world at the turn of the millennium. The
rapid growing significance of information in all types of productive activities and
marketization are the two major driving forces for economic globalization. In other words,
the fast globalization of the world’s economies in recent years is largely based on the rapid
development of science and technologies, has resulted from the environment in which
market economic system has been fast spreading throughout the world, and has developed
on the basis of increasing cross-border division of labor that has been penetrating down to
the level of production chains within enterprises of different countries.