What Do you mean by “Economic Globalization is

Irreversible”?

Firstly What is Economic Globalization? Some people don’t

Really understand Economic Globalization. It describes the rising
interconnectedness of nations. Economies as a result of expanding
volume of commodity commerce across borders and services, global
money flow, and the wide-scale and quick adoption of technology.

Economic globalization is irreversible. It is an unstoppable

trend for global economic development at the turn of the millennium
and shows the ongoing enlargement and mutual integration of market
borders.The cost has significantly decreased thanks to advances in
science and technology. Communication and transportation enable
economic globalization.

If it were expected that the growth of technology and IT would

Then came the market-oriented reform as the technology engine for
economic globalization. should be viewed as the institutional
driving force for all activities, carried out globally. a particular
pattern. Many nations have steadily reduced their trade deficits
within the frameworks of the GATT and WTO. More and more nations
lower their tariff and non-tariff barriers, opening up their current
monetary accounts and capital accounts. Each of these factors has
considerably accelerated the growth of investing and trading. The
past centralized planned economies' transition is another factor.
Since the advent of market economies, global economic integration
has been a reality.all together.