Global Economic Observer (Dec 2019)
Economic Globalisation and the Development of the European Union
Abstract
Economic globalization is a rational phenomenon, capable of delivering a larger volume of goods and services with fewer resources. In a broad sense, the process of economic globalization is seen as the dynamic process of increasing interdependencies between national states as a result of the expansion and deepening of the links between national economies on the global capital, goods and services market. In the economic literature, it transpired that with the fall of the Berlin Wall in 1989, we entered the second era of globalization, the first one dating back to the middle of the nineteenth century and being interrupted by World War I, the pause period reaching the end once the Cold War was over. 1989 marks a new beginning of globalization, where economic and economic relations become devoid of borders and distances
