Globalization

Introduction

Globalisation is defined by the IMF (The International Monetary Fund) as the increasing integration of economies around the world, predominantly through trade and financial flows. The term sometimes also refers to the movement of people (labour) and knowledge (technology) across international borders. The term globalisation has come into common usage since the 1980s, reflecting technological advances that have made it easier and faster to complete international transactions. (World Bank Policy Research Report Overview, 2002)

Understanding globalisation
Globalisation can be understood as having economic, political and cultural dimensions where companies are selling products the same way throughout the world, treating it as a single market. It is the process of business structuring in a worldwide market; creating growth and profit opportunities in production and distribution. Globalisation can also be seen as the process of rapid economic integration between countries...