Which term describes the interconnectedness and interdependency of global markets?

The term that describes the interconnectedness and interdependency of global markets is globalization. Globalization refers to the process by which businesses and other organizations develop international influence or operate on an international scale, leading to increased economic, political, and cultural interconnections among countries. This phenomenon encompasses various aspects, including trade, investment, technology transfer, and the movement of labor, making markets more interconnected and interdependent.

In contrast, global integration generally refers to the coordination of policies and practices across different countries but does not fully encompass the broader implications of globalization. International trade focuses specifically on the exchange of goods and services across borders, which is just one element of globalization. Cultural exchange refers to the sharing of ideas, customs, and cultural products between different societies, which, while a component of globalization, does not capture the economic or market interdependency aspect as effectively as globalization does.