What is globalization?.

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. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world.

During the late 1980s a new term entered popular discourse: globalization. Instead of clarifying issues of world development the buzzword rather seemed to add confusion and misunderstandings. There are at least five different dimensions of globalization that need to be distinguished:

i.        economic globalization

ii.      political globalization

iii.    common ecological constraints

iv.     cultural values and institutions, and

v.       globalization of communication.