Global Economic Integration

Definition

Global economic integration refers to the increasing interconnectedness and interdependence of economies across different nations through trade, investment, and exchange of goods and services. It involves breaking down barriers such as tariffs or restrictions on international trade.

Related terms

Mercantilism: An economic system prevalent before global economic integration, which focused on accumulating wealth through protectionist policies such as high tariffs.

Silk Road: An ancient trade route that connected Asia with Europe facilitating cultural exchange along with economic ties between different regions.

World Trade Organization (WTO): An international organization that promotes global economic integration by reducing trade barriers and resolving trade disputes among member countries.