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How are trade deficits important to globalization?

Updated: 8/19/2019
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Trade deficits, where imports are higher than exports, can help boost exports of many countries, both developing and developed, and strengthen their economy, especially in the post-depression times. As quoted from Wikipedia, "Globalization describes the process by which regional economies, societies, and cultures have become integrated through a global network of communication, transportation, and trade. The term is sometimes used to refer specifically to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology". With higher amounts of imports, more countries around the world are able to trade and create a more extensive trade network.

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