Economic integration is a comprehensive process. It is increasingly affecting the real economy. The international interdependence of national economies is increasing. A new quality is emerging. For the growing interdependence is no longer based solely or primarily on trade in finished products or commodities. Especially, the process of developing and producing goods is being increasingly split up internationally.
This is possible because national frontiers have become increasingly permeable and communications have become more intensive, because transportation and communication costs have fallen sharply, and because, in particular, the emerging economies have likewise become more integrated in the world economy; this, above all, markedly facilitates direct investment there. The front runners of such integration are of course the global financial markets.