GLOBALIZATION AND ECONOMIC INTEGRATION
Keywords:
Globalization and economic integration, hyper-globalization, skepticism, transformationalism, trade agreement, income inequality, democracy, international organization, FDI.Abstract
Globalization and economic integration are two social phenomena and both of them have been evident in societies since ancient times, not just in modern times. Their purpose and intent have remained consistent, but their form and intensity have evolved. This paper explains, first of all, what globalization is, its historical background, and the drivers of globalization as well. Next, examines models of economic integration and their impacts on the national economy (such as income inequality and poverty), society, and politics. Lastly, some challenges associated with globalization and economic integration, as well as prospects, were discussed in the paper.
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