 Economic globalization refers to the processes of global economic integration that emerged in the late 20th century, fueled by neoliberal ideals. Rooted in classical liberal economic thought, neoliberalism claims that a largely unregulated capitalist economy embodies the ideal of free individual choice and maximizes economic efficiency and growth, technological progress, and distributive justice. Economic globalization is associated with particular global political and economic institutions, such as the World Trade Organization, the International Monetary Fund, and the World Bank, and specific neoliberal economic policies, such as the following: