What is globalisation

January 23, 2007 9:55am CST
I have heard this word "Globalisation" mentioned umpteen umber of times in newspapers ,journals annd on T.v. I however have no idea about the exact definition of the word. Please respond if you have any idea about it.
1 response
@maribel1218 (3085)
• Philippines
23 Jan 07
As what I understand in the word globalization it describes the growing economic interdependence of countries worlwide through increasing volume and variety of cross border transactions in goods and services, free international capital flows, and more rapid and widespread diffusion of technology. It can be classified as: industrial globalization-rise and expansion of multinational enterprises. financial globalization- better access to external financing for corporate national and subnational borrowers. political globalization- spread of political sphere of interest to the region and countries outside the neighbourhood of political state and non state informational globalization-increase in information flows between geographically remote locations on the other hand it can be relies for development of human migration, international trade and rapid movements of capital on the other hand this will affect the standard of living-prosperity to the third world countries and further wealth to first world. Reduction or elimination of tariffs; construction of free trade zone with small or no tariffs. hope this help.