Globalization involves the increasing integration of economies across national borders, affecting goods and services, as well as ideas, information, and
technology. Today, globalization is creating a qualitatively new economy, with the rules increasingly defined by international agencies such as the World
Trade Organization (WTO), the International Monetary Fund (IMF), the World Bank, as well as the G-7/G-8 summits (the annual economic conferences of the
world’s wealthiest countries).