Globalization:

Basically ‘Globalization’ is the process of increasing the connectivity and interdependency of the world market and business.

Covering a wide range of distinct political, economic, and cultural trends, the term “globalization” has quickly become one of the most fashionable buzzwords of contemporary political and academic debate. In popular discourse, globalization often functions as little more than a synonym for one or more of the following phenomena: Economic Liberalization: The pursuit of free market policies in the world economy. Westernization or Americanization: The growing dominance of western (or even American) forms of political, economic, and cultural life. Internet Revolution: The rapid increase in number of new information technologies. Global Integration: The belief that humanity stands at the point of beginning of realizing one single unified community in which major sources of social conflict have vanished (Scheuerman, 2010).

Impacts of Globalization:

Globalization and the decline in power of national governments: ‘Globalization’ is commonly used as a shorthand way of describing the spread and connectedness of production, communication and technologies across the world. Many of the activities that previously involved face-to-face interaction, or that were local, are now conducted across great distances. There has been a significant de-localization in social and economic exchanges. A major causality of this process has been a decline in the power of national governments to direct and influence their economies. Shifts in economic activity in say, Japan or the United States, are felt in countries all over the globe. The internationalization of financial markets, of technology and of some manufa...

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