Final answer:
The flow of trade, investments, information, social and cultural ideas, and political cooperation between countries is referred to as globalization. This process includes integrating governments, cultures, and financial markets through international trade, and is driven by improvements in global communications and transportation.
Step-by-step explanation:
The extent to which trade and investments, information, social and cultural ideas, and political cooperation flow between countries is called globalization. Globalization refers to the processes of international integration that arise from the exchange of world views, products, ideas, and aspects of culture. It has been significantly fueled by advances in transportation and telecommunications, such as the internet, promoting further interdependence of economic and cultural activities.
According to the International Monetary Fund (IMF), globalization encompasses four basic aspects: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge. The trend toward globalization reflects the expanding cultural, political, and economic connections between people worldwide, exemplified by international trade and financial capital flows. Thus, globalization includes integrating governments, cultures, and financial markets into a single world market, promoting not just economic growth but also cultural and philanthropic efforts across borders.