CONCEPT OF GLOBALIZATION
Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world. In another way it is expressed as below. Forms of Globalization: Economic Globalization: · It is increasing global inter linkages of the markets in good, services, capital, and finance. It is about liberalization, deregulation, privatization, and declining cost of transport and communication. · A worldwide economic system that permits easy movement of goods, production, capital, and resources (free trade facilitates this) Example: NAFTA, EU, Multinational corporations Political globalization: · The mutual framework by exchanging the views and ideas of