Globalization refers to the free and frictionless flow of products, services, and people throughout the world.
Globalization may be defined as the effect of the global economy’s opening up and the resulting growth in international commerce
In other words, as nations that were previously closed to trade and international investment open up their economies and grow global, the world’s economies become more interconnected and integrated.
Final answer:
Hence, the effect of the global economy’s opening up and the resulting growth in international commerce is known as globalisation.