Final answer:
Globalization is best defined as the integration of governments, cultures, and financial markets into a single world market due to international trade. It has far-reaching effects on economies, politics, and cultures worldwide, sometimes creating controversy over labor practices and market policies.
Step-by-step explanation:
The term globalization is defined by option d), which states it as 'The process of integrating governments, cultures, and financial markets through international trade into a single world market.' Globalization is characterized by the interconnectedness of societies and economies across the world, resulting from trade, the adoption and sharing of culture, advanced technology, and the movement of capital, labor, goods, and services across borders. This complex process often starts with a goal, such as corporate market expansion or a nonprofit's effort to improve global healthcare, but tends to snowball into various economic, cultural, and philanthropic efforts.
For instance, globalization is evident when large retailers and manufacturers like Walmart, Ford, or McDonald's operate internationally to utilize resources and labor from different countries while selling their products globally. A key aspect of globalization is market liberalization, which involves reducing government barriers to allow open and competitive markets globally. However, globalization can also lead to political debates, such as those about the offshoring of jobs and its impact on inequality and the regulatory power of nation-states.