The process of increasing economic integration between countries, leading toward the emergence of a global marketplace is known as: Economic Globalization.
Economic Globalization refers to the free flow of international trade of goods and capitals. It involves the interchange of knowledge and has resulted in the fast development of science and technology which in its turn has helped speed up communication and transportation. However, small countries have suffered from unfair trade agreements. Developed countries have a well-advanced system of production while developing countries lack the infrastructure for farmers and small entrepreneurs to compete with big monopolies. Globalization will have to be regulated by International Entities in order to protect small economies from big sharks that overflow them with their well subsidized (helped by the government) production of goods.