Globalization

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Description

Globalization

Globalization

This is the integration of political, cultural, and economical systems worldwide (Archibugi and Michie, 1997). When used in economic terms, it refers to the removal and reduction of hurdles between national borders as a way of facilitating the flow of capital, labor, goods, and services.

Globalization

Globalization has been there since 19th century, but its slowdown has been accredited to the inward looking guiding principles tailed by several countries with an aim of protecting their domestic industries (Agnew and Stuart, 1995). However, advancement in telecommunication infrastructure, such as internet has acted as a major driving force towards globalization (Wolf, 2004).