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The globalization trend has only been recently recognized and due importance paid, while economists knew about its existence since the early 1980s. Traditionally, globalization was categorized under four different terms or concepts as its rather undiscovered sides became more commonly known.
The concept of internationalization refers to the increase in cross border transactions and is thus considered a fundamental part of globalization. However, as can be seen throughout history, this is certainly not a new occurrence with the percentage of cross-border transactions having not fluctuated much over the centuries...
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