What is the definition of globalization?

The definition of globalization as the growing interdependence of world economies and cultures captures the essence of how nations and societies are increasingly linked. This interconnectedness facilitates not only the exchange of goods and services but also the flow of ideas, culture, and people across borders. Globalization has led to a significant transformation in how economies operate, characterized by trade liberalization, investment across countries, and technological advancements that allow for instantaneous communication and transportation.

This interdependence means that events in one part of the world can have far-reaching impacts on other regions, underscoring a shared reliance on global markets and cultural interactions. It fosters collaboration between countries, making them more susceptible to global trends, economic fluctuations, and cultural influences, ultimately shaping a more interconnected global community.

The other options reflect concepts that do not align with the comprehensive nature of globalization. Local trade practices suggest a focus on domestic markets, while restricting cultural exchanges contradicts the essence of globalization, which thrives on cultural integration. The shift from international to local production represents a trend of de-globalization, contrary to the overarching theme of increasing global interdependence that defines globalization.