Gradually the communication technologies developed and became reasonably affordable so the communication gap was filled and globalization was born.
Thus, economies integrated further and the world economy was considered to be one and now the world is referred to as a global village and every part of the world id easily accessible today (Bhagwati, Jagdish, 2007). This has benefited trade and the economies of the world. Globalization is supported by effective communication that helps to connect the world. Some see it as evil and especially the environmentalists, anarchists, unionists, hard left and some of the soft lefts but there are some who believe it is good only if free markets and free trade actually existed and it could help to beat poverty. But free trade and free markets do not exist in the real sense of the word (Bhagwati, Jagdish, 2007).
The current global economy has gone through major changes in trends and growth patterns. Demand, consumption patterns, regulatory environment changes and changes in the global trade are all included in the changing trends in the economy. The industrialized economies are finding it hard to sustain consumption and demand patterns and this is due to the deterioration of the global environment and this caused by environmental stress which is the immediate effect of increasing poverty levels in countries around the world.
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