Question

In what ways is market globalism embedded in contemporary global economic relations?

Answer 1

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.