Free trade refers to the unrestricted movement of goods and services across borders without tariffs or other trade barriers. The advantages of free trade include increased competition, lower prices, greater efficiency, and access to a wider range of goods and services. However, free trade can also lead to job losses in certain industries, widening income inequality, and environmental degradation in some cases.
Globalization refers to the interconnectedness of economies, cultures, and societies across the world. It has had a significant impact on international business by increasing competition, expanding markets, and facilitating the flow of goods, services, and capital across borders. It has also led to the emergence of new players in the global economy, such as emerging markets, and has encouraged firms to adopt new strategies to compete effectively in the global marketplace.