Here is a different stroke.
Does the text want to say “G cannot be limited to the X and extend to the Y”? If that was the intension, then the conjunction should be ‘but’ and not ‘and’; that is the reason it can be said that the text does not want to contrast but simply affirm two same direction phenomena. I am unable to take any choice that uses ‘and’ while deviating in the second leg. Therefore, I would drop A, B, D and E. Note on the other hand C does not intend any contrast. It is happy with mentioning two phenomena that G cannot be limited to. It is neither incomplete as a contributor has suggested. When parsed rightly, it reads
Globalization cannot be limited to (the free movement of capital and the free movement of people)
In fact globalization encompasses the local and the national influences in so many fields such as not only financial and economical but also environmental, political, social and cultural processes that are in interplay among the players involved. Don’t we see such impacts in our day- to -day lives? This is the gist of the argument. Hence why not C?