Economic globalization plays a significant role in ensuring the integration of the national economies. It entails an amplified interdependence between economies. This interdependence comes about through the circulation of capital, goods and services. On the other hand, sustainability entails the long-term maintenance of an economy. This maintenance has a purpose of ensuring that future generations do not suffer because of the current consumption, utility and wealth maintenance. Several factors contribute to the link between sustainability and globalization. Both sustainability and economic globalization contribute to economic activities.
This paper explores the concept of economic globalization and sustainability. It also explicates how economic globalization links with sustainability, and provides a verdict regarding efforts to promote sustainability.
Economic globalization entails the continual interdependence between the national economies. This interdependence occurs through cross-border circulation of capital, movement of goods, services, and technology. Economic globalization lessens international trade regulations, taxes, and tariffs while at the same time ensuring considerable economic integration between countries. Economic globalization is vital as it creates a global market place (Lynch, 47). This notion of economic globalization has had an increased effect in the past 20- 30 years because of the trans-national trade. Several factors are involved under economic globalization, and these include the globalization of technology, production, competition, markets, and corporations and industries. Integration of developed economies with less developed economies contributes to economic globalization. The integration of these economies occurs in three vital ways; cross-border immigration, foreign direct investment, and reduction of trade barriers (Lynch, 94).