Definition of terms

 Economic globalization
is the expansion of national economies, the global market driven by modern technologies and
instructional set ups that promote faster easier flow of goods and capital (Sugden and Wilson,
2005).
 Global economy
Denotes that the economies of various countries are more interconnected from extraction,
production, distribution, consumption, to disposal of goods and services (Carfì and Schilirò,
2018).
 International financial institutions
Are global financial institutions that support a country's economic growth through support (i e.,
Loans, technical assistance) to governments and now other private sectors (Woods, 2019)
 International Monetary Fund
Is an international organization with 183 member countries that promotes International
monetary cooperation and exchange stability to foster economic growth and high employment
and to provide short-term financial assistance to countries to help ease balance of payments
adjustments (IMF, 2019).
 Global civil society
Is a system of non-government institutions that operate across geographical borders and
organize and mobilize for a common issue or cause (Keane, 2003: 8).
 Global corporation
Is an "enterprise that engages in activities which add value ( manufacturing, extraction, services,
marketing, etc) in more than one country" (UCTC, 1991).
 World system
Is based on the theory of Wallerstein (1974) that recognizes that social and economic change is
not only endogenous to a country, but is affected by its interaction to exogenous institutions,
thus the focus on world-systems (Chase-Dunn, 2018).
 Economic integration
Is a process of combining or increasing the interconnectivity of national economies to the
regional or global economies (Clark et al., 2018).

INTRODUCTION

Economic globalization

 Greater integration of economic activities, products, and systems across the world
 Globalization in economic terms extends economic projects and relations transnationally and
promotes economic interdependencies among different countries.(Szentes(2003:69)
 It goes beyond internationalization
 It involves the integration of functions and processes of economic activities. (Dicken, 2004)
 This lesson aims to answer ,
"Who are the actors that drive economic globalization?", And
"What is the modern world system?"