Final answer:
Giddens defines globalization as the interconnectedness of global societies and economies, with increased global production and consumption. It includes the integration of various aspects of government, culture, and economy leading to a world market. Recent trends show increased international trade and capital flows contributing to the global economy.
Step-by-step explanation:
According to Anthony Giddens in 1990, globalization can be defined as the interconnectedness of societies and economies throughout the world, characterized by the increase in global processes of production and consumption since the 1970s. The concept also involves the integration of governments, cultures, and financial markets through international trade, leading to a single world market. Ideas promoting globalization, such as trade liberalization, have gained momentum since the 1990s, and globalization can manifest in various ways, including economic, philanthropic, entrepreneurial, and cultural initiatives, with the motivation often starting from a single objective like market expansion or improved access to healthcare.
The global economy is a reflection of this trend, indicating the international spread of trade and commerce across national boundaries with minimal restrictions from governments. Additionally, recent decades have observed the rise of globalization, which has heightened cultural, political, and economic connections around the world, particularly evident through the increased buying and selling of goods, services, and assets across national borders — encapsulating the essence of international trade and financial capital flows.