Explanation – Globalization refers to the integration of local economies into a single world market. It involves the increasing interconnectedness and interdependence of economies, businesses, and people across the world. It refers to the process through which the world has become a single place to live and work. This integration is facilitated by various factors, including technological advancements, international trade, and cultural exchange. Globalization results in a single, global market, where goods, services, and resources can flow freely across borders.

Source: Forum IAS