Definitions of Globalization

Globalization is an overused and often misunderstood concept. We hear it all the time on news broadcasts and in any type of public discussion. But the starting point for understanding globalization is that it is industries and markets that globalize, not countries. That's why it's helpful to think of Globalization as 'the integration of economic activities across borders'. But why does globalization matter? I would argue globalization matters because it means the rise of interconnectedness between countries and markets across the world. For example, one of the reasons why the financial crash of 2007/2008 was so serious was because the financial and banking systems of countries around the world have become so closely interconnected with the globalization of markets.