Final answer:
Full economic unions are the most extensive form of participation in global markets, involving not only a common market but also coordination of monetary and fiscal policies among participating nations.
Step-by-step explanation:
The most extensive form of participation in global markets is full economic unions. Full economic unions involve not only a common market with free trade but also coordination of monetary and fiscal policies among the participating nations. In this form of economic integration, there is a high level of economic cooperation and integration, including the adoption of a common currency and coordinated economic policies.
One example of a full economic union is the European Union (EU). The EU has a single market with free movement of goods, services, capital, and labor. It also has a common currency, the euro, which is used by 19 of its member states. The EU has a centralized monetary policy and works towards harmonizing fiscal policies among its member countries.
Full economic unions provide the highest level of integration and collaboration among participating nations, allowing for a deeper level of cooperation and economic development.