Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology which impacts the environment, culture, political systems, economic development and prosperity, and human physical well-being in societies around the world. It involves greater movement of people, goods, capital and ideas due to increased economic integration which in turn is propelled by increased trade and investment. It is like moving towards living in a borderless world.
Improved technologies and a reduction of barriers has resulted in faster speed of exchange of goods, services, knowledge and cultures between people and countries. There is an increasing trend toward countries joining together economically, through education, society and politics, and viewing themselves not only through their national identity but also as part of the world as a whole. Globalization is said to bring people of all nations closer together, especially through a common medium like the economy or the Internet.
Globalization has affected the world in many different ways
Industry – Globalization has led to the rise of worldwide markets where countries now have better access to foreign products. There is a great increase in the movement of material goods between and inside national boundaries. The world has seen a rapid growth of international trade within the last fifty years, and the numbers are still growing.
Financial Market – Different economies of the world have greater access to funds since they now have better access to external borrowings. Trade in national currencies has increased dramatically in the recent past to support the increasing levels of trade and investment.
Economic –There is a growth of a global common market, allowing the freedom of exchange of goods and capital.
References: 5. The Indian textile industry: International Competitiveness, Gunja Saluja, 2008 (Research done for University of Nottingham) 6 [ 5 ]. The Indian textile industry: International Competitiveness, Gunja Saluja, 2008 (Research done for University of Nottingham) [ 6 ]