What factor is critical for economies in globalization?

The critical factor for economies in globalization is interdependency among economies. This interdependency means that nations rely on each other for a variety of goods, services, and resources, leading to increased trade and cooperation. As countries engage with each other, they share technology, cultural practices, and economic strategies, creating a more interconnected world. This interconnectedness allows them to leverage each other's strengths and mitigate weaknesses, which can lead to greater economic growth and stability.

Moreover, interdependency fosters innovation and helps economies respond more effectively to global challenges, such as financial crises, climate change, and public health emergencies. The collaborative nature of interdependency encourages countries to pursue mutually beneficial trade agreements and partnerships, ultimately enhancing global economic activity.

The other factors mentioned do not align with the principles of globalization, as complete self-sufficiency and relying solely on local market demands typically lead to isolationist economic practices. Minimizing international trade barriers is important, but it is the interdependency among economies that fundamentally characterizes globalization and drives its processes.