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)
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, and increasing international trade and foreign investment has further driven it.
(World Bank Policy Research Report Overview, 2002)
Globalisation refers to the many ways in which society is being drawn together by the international flow of goods/services, capital and information. (World Bank, 2002) The global economy assumes a kind of uniformity of demand and insight about products that operates separately of local cultural, political and traditional values and beliefs. It involves the impact that human interactions, among social and economic life, have on the natural environment and it refers to the worldwide consciousness about the human and natural world as a whole.
Thus, since globalisation became such a big factor of international business and industry, it ushered in a new era of political, economic and social debate in the history of humankind. Humanity had to grapple with the dichotomy of globalisation, in time recognizing both the benefits and the drawbacks associated with globalisation. Hence over time...