1. Defining Globalization:
The term Globalization in origin came from the word ‘global’. In different languages there are different meanings for the word global. Meydan Larousse defined the term global as ‘’undertaken entirely’’ and this meaning was attributed to the word global by western languages. In French this term means ‘’homogeneity’’. Henceforth the word means both “entirety” and “homogeneity”. Here are various ideas on the first usage of the word globalization with its modern meaning.
An American Defense Institute states globalization as “fast and continuous inter-border flow of goods, services, capital (or money), technology, ideas, information, cultures and nations”.
According to the Institute, through globalization is a unique combination among economies is happening, an evidence modification is being experienced, and governance, markets, corporations and organizations are becoming more international. The term globalization covers many concepts and cannot be assessed uniquely as either economic, political process or worldwide spanning of capital or production flows. Hence, the word globalization is given various meanings by different people, but can be interpreted differently due to various dimensions based on the terms such as time and location. The term globalization has a wide complex and challenging effects that are mainly analyzed with its economic dimension taking cultural, social, political and historical facets as some references (Atkearney, 2007).