Globalization:

Globalization is a multidimensional, complex and a tricky term to define. It can be defined in so many ways. Globalization in a broader term is defined as a rise in the impact of human activities of forces that cross national boundaries. These activities can be economical, cultural and political etc. In a narrower term globalization refers to the growing amalgamation of economies around the world through movement of goods, services, and capital across borders. Globalization has different dimensions and each dimension of globalisation has many sub dimensions which make it even more convoluted to understand. Suppose if we talk about the economic dimensions of globalization so it has many sub dimensions such as trade, migration, aid, ideas and finance. The dimensions are interlinked with each other and influence one another and ultimately they have some effect on the economies of the countries. The most important among these dimensions are trade and migration. Trade and migration are interlinked and are the most critical aspects of globalization. There are many differences as well as similarities between the two. Like international trade, immigration transports resources across national boundaries, with many economic effects. Like trade, immigration has increased significantly in recent decades. In the United States, the share of immigrants in the population has risen dramatically over the past three decades, with an increasing proportion of immigrants coming from the less-developed countries. At the same time, the ratio of exports and imports to Gross Domestic Product (GDP) has risen just as rapidly, with an increasing share of the imports again originating in less-developed countries. (W.W & borjas, 2005) Some economists treat trade and immigration as interchangeable aspects of globalization. Some theories support the idea that both trade and immigration effect output and income distribution of the country by increasing the countrys supply of scarce factors of production. Trade and immigration can surely benefit only if they are balanced, an imbalance between trade and immigration can hurt an economy. Surely there is no doubt that the correct balance between trade and immigration is a way to capture benefits of globalization.