How has globalization affected the economy?

Question

Quizplus · Accepted Answer

Globalization has led to the formation of regional trade blocs, which have a significant impact on the economy. Countries are now more closely tied to their neighboring countries in terms of trade, and domestic markets are increasingly being integrated into regional markets. This has resulted in increased competition and specialization, which has helped to boost economic growth and improve productivity. As a result, national markets are being overtaken by regional trade blocs.

How Has Globalization Affected the Economy