Definition of Globalisation ;
Globalisation can be defined in the following manner Globalisation may be defined as a primarily economic phenomenon, which involvesincreasing interaction and integration of national economic systems. This leads in turn togrowth in international trade, investment and capital flows. Moreover, there is a rapidincrease in cross-border social, cultural and technological exchanges because of the phenomenon of globalizationIn simple economic terms….Globalisation is a process of linking the economy of acountry with the economy of the world more and more.
Meaning of Globalisation :
It is a process which draws countries out of their insulation and makes them join rest of the world in its march towards a new world economic order. It involves increasinginteraction among national economic systems, more integrated financial markets,economies of trade, higher factor mobility, free flow of technology and spread of knowledge throughout the world.The World Bank defines globalisation as “Freedom and ability of individuals and firms toinitiate voluntary economic transactions with residents of other countries”.The International Monetary Fund (IMF) defines as “the growing economicinterdependence of countries worldwide through increasing volume and variety of cross- border transactions in goods and services, freer international capital flows, and morerapid and widespread diffusion of technology”. In the words of Jagdish Bhagwati “Economic Globalization constitutes integration of national economies into the international economy through trade, direct foreigninvestment (by corporations and multinationals),short term capital flows, internationalflows of workers and humanity generally, and flows of technology”.In a broad sense, the term ‘globalisation’ refers to integration of Economies and societies through cross country flows of information, ideas, technologies,goods, Services, capital, finance and people.