Final answer:
The worldwide movement toward free markets, deregulation, and privatization is known as globalization or trade liberalization. It involves reducing government intervention in the economy and allowing the market to regulate the movement of capital, labor, goods, and services across borders. This movement has both benefits and challenges.
Step-by-step explanation:
The worldwide movement toward free markets, deregulation, and privatization is known as globalization or trade liberalization. This movement involves reducing government intervention in the economy, allowing the market to regulate the movement of capital, labor, goods, and services across borders. It has accelerated in recent decades due to advancements in transportation, communication, and the fall of Communism. However, it also presents challenges such as income inequality, pollution, and political unrest.