Volume III, Number 3
. Another opinion takes it as a source of internationalintegration of economic, religious, cultural, social and, political systems.
It is also seen as the enhanced transnational connectivity of economiesand emergence of international life styles. Intermingling trends of production, consumption and a resulting identical culture is also seen as aproduct of globalization. Some maintain that it is dynamicprocessandcontains many mutually different forms
.In terms of economics it reflects the convergence of rates of interest, profits, products, prices, and wages
. Globalization of theeconomy is, however, dependent on transnational trade, mobilility of capital, integration of financial markets, and human migration. The IMFnotes that free capital movement across the international borders,increased and varied international transactions, and rapidspread of technology have resulted in the the increased economic interdependenceof countries across the globe. Globalization's first use in an economiccontext is normally credited to Theodore Levitt
.Pace of goods, services, and capital mobility is unprecedented inrecent years thanks to the latest developments and cutting edgeimprovements in means of transportation and communication, coupledwith the ideology of free-market. Northern countries using internationalfinancial institutions and regional trade agreements desire to openinternational markets to their products and extract benefit of plentifulcheap labor in the South, whereas Southern elites often support suchpolicies. This has greatly benefited investors and exploited the laborers,instigating a strong reaction from civil society
.In the global village, knowledge is an important factor of production where technological revolution has been a catalyst. Thefastest growing sectors in the global economy are the ones that require