Globalization which is also referred to as “Economic globalization” is actually integration of all humanity in the world. It enables all humans on earth to interact. It is also known as international integration. Globalization is also the integration of the entire world in a single society and functioning on the whole as one to solve their problems and also exploit economies.
This is also when economies of the world form one international economy via trade, foreign direct investments, technology, capital flows and migration. The Nylonkong is a good example for globalization since the three significant cities;New York,London and Hong Kongare excellent examples of globalization and they have formed a financial network amongst themselves and they are considered to be lubricants for the world economy and trade. Since the 1960’s the world was pretty conservative and it was the anti globalization scheme that actually brought globalization in to existence (Bhagwati, Jagdish, 2007). The world was restricted with trade barriers and capital movements were not allowed. But the significant elements rebelled and globalization came into being which catapulted the entire world into one single place and the world was integrated to be one. 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).
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