Globalization is not a single concept that can be defined and encompassed within a set time frame, nor is it a process that can be defined clearly with a beginning and an end. Furthermore, it cannot be expounded upon with certainty and be applicable to all people and in all situations. Globalization involves economic integration; the transfer of policies across borders; the transmission of knowledge; cultural stability; the reproduction, relations, and discourses of power; it is a global process, a concept, a revolution, and an establishment of the global market free from sociopolitical control. Globalization encompasses all of these things. It is a concept that has been defined variously over the years, with some connotations referring to progress, development and stability, integration and cooperation, and others referring to regression, colonialism, and destabilization. Despite these challenges, this term brings with it a multitude of hidden agendas. An individual’s political ideology, geographic location, social status, cultural background, and ethnic and religious affiliation provide the background that determines how globalization is interpreted. These are some of the factors that contribute to globalization, the internet, World Bank, worldwide satellite technology mass media and mobile phones, government investing in abroad bilateral aid, transnational more powerful than any state, shrinking world role of air transport super freighters.
Larsson, (2001), stated that globalization is the process of world shrinkage, of distances getting shorter, things moving closer. It pertains to the increasing ease with which somebody on one side of the world can interact, to mutual benefit, with somebody on the other side of the world. Apart from that Globalization, is also a growing phenomenon that can be described as a “shift toward a more integrated and interdependent world economy” (Hill 7). Furthermore, Mirza. (2009).has his own definition which stipulates that Globalization as a process by which various cultures, societies and economies through a global network of trade and communication become integrated in all respects. Besides that Branson R. (2007) also says Globalization is the process by which geographic constraints on economic, social and cultural arrangements recede, thus increasing our global interdependence.
The Internet provides a cheaper, faster and easier method of communication, an alternative that has created a “global audience” as articulated by Ruggiero, (2008, 06). In assessing the cost of long distance phone calls versus that of online voice chat sessions, the Internet is much more affordable and also superior in quality. Many web users now possess web cameras, microphones, and all the software necessary to support this hardware. This allows users to speak, see, and be seen by the person they are having a conversation with. People from Asia can carry conversations with Europeans, Americans or Africans at the same time, at no extra cost on Msn Messenger, Yahoo Messenger, or MIRC. Communication is also faster online. An e-mail is sent and received by the other party in seconds, as opposed to regular mail, which may take months to reach its destination when sent over the ocean. Thus, people all over the world can stay in touch on a regular basis, communicate online everyday and even share files. When factoring in the ease of use of the Internet, it is easy to see why so many individuals prefer communicating this way The role of internet has a lot to contribute to the economical aspect or impact of the media. With the share market and the online trading and banking facilities people have started shifting from the conventional ways of doing things to this modern easier and hustle-free method. The term globalization in economics is about the different aspects of cross-border transactions, free international capital flows, portfolio investments, diverse...