ABSTRACT
Although imprecisely defined, economic globalization has almost become a catch phrase at the end of the twentieth century, and for good reason. Globalization is a multifaceted phenomenon. It covers a range of trends in economic, finance, technology, business, and international relations, which may be mutually reinforcing but which have diverse origins. As conventionally understood, international trade and capital flows are central to the globalization process. Although capital flows are important in their own right, trade in goods and services has captured a great deal of attention. Along with rapid technological developments-especially in information and communication technologies, telecommunications, and transport-international trade has been a significant driving force behind globalization. Trade has contributed to the enormous benefits that have flowed from mutual interdependence among nations and from integration of the global economy.
