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Answer:

The modern-economy is a truly global economy: most countries of the world engage in international trade, with only a few exceptions, like North Korea.

This means that market globalism is fully embedded in contemporary global economic relations.

In other words, contemporary global relations are deeply influenced by international trade. Countries engage in trade networks, trade agreements, trade deals, and so on.

Market globalism is embedded in contemporary global economic relations through trade relations established between different countries with the aim of expanding and increasing business profitability.

It can be said that globalization has created an interdependence between different countries, which import and export goods and services as a way to develop their business.

As an example of this interdependence, we can mention:

  • Commodities.
  • Value chains.
  • Technologies.
  • International capital.

Therefore, economic globalization has strengthened economic relations around the world and made possible the social and economic development of several countries.

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