The increasing interconnectedness of countries through trade and technology is called

The increasing interconnectedness of countries through trade and technology is called

• A. Interdependence (economy)
• B. Globalisation
• C. Open economy
• D. Closed economy

Answer: (B)

Globalisation describes the growing integration of economies and societies as trade, investment, and technological advances knit countries together. It isn’t just about trading goods; it also involves cross-border flows of capital, ideas, information, and technology, plus the spread of firms and supply chains across many nations. This broad process of interconnectedness fits the idea of increasing ties through trade and technology. An open economy is a country that engages in international trade, which is part of globalisation, but it does not by itself name the broader phenomenon. A closed economy, by contrast, does not engage in such exchanges and runs counter to the idea of growing interconnectedness. Interdependence is a related result of globalisation—it describes how countries rely on each other—but the term that best captures the overall trend of increasing connections is globalisation.

Globalisation describes the growing integration of economies and societies as trade, investment, and technological advances knit countries together. It isn’t just about trading goods; it also involves cross-border flows of capital, ideas, information, and technology, plus the spread of firms and supply chains across many nations. This broad process of interconnectedness fits the idea of increasing ties through trade and technology.

An open economy is a country that engages in international trade, which is part of globalisation, but it does not by itself name the broader phenomenon. A closed economy, by contrast, does not engage in such exchanges and runs counter to the idea of growing interconnectedness. Interdependence is a related result of globalisation—it describes how countries rely on each other—but the term that best captures the overall trend of increasing connections is globalisation.