Summary

Economic globalization is one of the three main dimensions of globalization commonly found in academic literature, with the two other being political globalization and cultural globalization. Economic globalization is the increasing economic integration and independence of national, regional and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital. Whereas globalization is a broad set of processes concerning multiple networks of economic, political and cultural interchange, contemporary economic globalization is propelled by the rapid growing significance of information in all types of productive activities and by developments in science and technology. Nowadays, in the world exists a new trend, which is reflected in the fact that is formatted new competitive situation, is tightened types of competitive struggles. According to this, countries must have adequate policy for economic development, elimination of social disbalance, institutional development.

Economic globalization primarily comprises the globalization of production, finance, markets, technology, organization regimes, institutions, corporations and labor. While economic globalization has been expanding since the emergence of trans-national trade. It has grown at an increased rate due to an increase in communication and technological advances under the framework of General Agreement on Tariffs and Trade and World Trade Organization, which made countries gradually cut down trade barriers and open up their current accounts and capital accounts. This recent boom has been largely supported by developed economies integrating with the majority world through foreign direct investment and lowering costs of doing business, the reduction of trade barriers and in many cases cross border migration.

Meanwhile, globalization has radically increased incomes and economic growth in developing countries and lowered consumer prices in developed countries. It also changes the power balance between developing and developed countries and effects the culture of each affected country. And the shifting location of goods production has caused many jobs to cross borders, requiring some workers in developed countries to change careers.

Simultaneously with the development of globalization processes, Georgia became more open, democratic and integrated into the world processes. The borders of different countries became open for our citizens, the establishment of business relations, political, legal and cultural relations with the foreigners became possible.

Global situations are very similar to Georgian - the violation of the countries’ territorial integrity, poverty, arrests, ecological threats, and employment problems, also familiar to our country. Actuality of global processes is expressed in the fact, that it effects society’s social-economic, technological or ecological development. It has very great importance, because countries have opportunities for identification those main challenges, which exists in the globalization period.