Globalization 1
Globalization 1 : The contemporary international economic and political reality, which is manifested in the intensification of economic activity across national borders and the integration of nation states into one 'borderless' and 'global' economy. The principal factors in the creation of this reality are: (a) The rapid growth in multinational/transnational corporations; (b) Revolutionary developments in communication and information technology; (c) The partial surrendering of nation states' sovereignty to international trading and economic organizations; and (d) The proliferation of economic and trading 'mega blocs'. From an economic perspective, the concept is seen as three dimensional: (a) Globalization of production, where for example, the components of a particular product may be produced in several countries. (b) Globalization of finance, where capital is transferred across national borders with amazing rapidity and a minimum of restrictions. (c) Globalization of markets - the exposure of consumers across the globe to an identical array of products from which to choose
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