Impact Of Globalisation On The Economic Development Of Pakistan

Globalisation is expressed in transcontinental flows and networks of activity, interaction and power between countries, irrespective of geographic distance. It establishes and maintains economic, political and socio-cultural relations. This interaction helps economies through growth in international trade, investment and capital flows. Some factors that have acted as the driving force of globalisation include technological innovation as it had made transport and communication around the world easier, capitalism and trade have also played an important role in encouraging globalisation. Trade

Globalisation refers to the process of interaction and integration among the people, companies as well as governments of countries around the world, particularly in terms of trade, investment and technology. The process of globalisation, has profound impacts on the environment, culture, political systems, economic developments, prosperity and human physical well-being in the societies around the world.

Globalisation- Globalisation 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

Globalisation is the internationalization of trade and often forces businesses to adopt new strategies for operations to suit different cultures and economies. The often easily saturated domestic market has triggered many large

Globalisation is the process which business or other organization interact and integrate with the people, companies, and governments of the other countries. Globalisation can help a country by improving their economy welfare but at the same time. It has change the world by the effects on culture, and industry. With globalisation, most people life standard has improved by having cheaper and more choices products. Other than the increasing of life standard, local industry have been affected by the globalisation because there are more multinational firms moving into the nation which provide cheaper price for the local residents.

Globalisation is the process by which the world is becoming progressively interconnected as a result of significantly increased trade and cultural exchange. It has also increased the production of goods and services. The biggest companies (such as McDonald’s, Starbuck’s, Costa

A process known as globalisation links different countries around the world together through different ways such as trade, investment, migration, internet, social media etc. Global trading is a major aspect of globalisation where different countries import and export goods and services with other countries. Globalisation has significantly changed over the past 30 years. Economies of scale has led to an increase in the production of goods, thus, created the need for expansion of markets beyond domestic boundaries. In addition to merchandise, various types of services are rendered to customers globally. This includes IT support, tourism, financial services etc. Globalisation has led to an upsurge in trade, multinational corporations, greater dependence on global economy, and easier movement of capital, goods and services and

Globalisation is the process of allowing goods, financial and investments markets to operate across national borders due to deregulation, improved communications, infrastructure and technology.

During the last decade of the twentieth century, the word ‘globalization’ has become an increasingly prominent feature of political, social, and economic discussion in academic and policymaking circles, as well as in the media. The processes and outcomes of globalization drew attention and debates that had one thing in common. The research shows that nearly everyone agrees that globalization is a trend that is changing the face of the world, and as a result the world society lives in a more ‘globalized’ world. Nearly two and a half decades passed since 1990s, and studies have been conducted to examine the causes and consequences of globalization. Moreover, nearly every person experiences some type of globalization and can testify firsthand the effects it has on their life, society, and the state. The analysis of the effects that globalization dynamics have on the world society indicates that globalization has a significant positive impact via spreading opportunities and wealth across nations, stimulating innovation and productivity, enhancing the economic development of poorer countries, and helping to improve living standards.

Globalization has been around ever since mankind began to trade. The dissolution of economic boundaries between nations, and the movement of information, goods, services and human resource across international borders has resulted in massive diversification. Due to fast communication, distances between countries continue to “shrink”. Different nations, cultures and traditions have become closely connected and the interdependence between them has increased more than ever. With the passage of time, this has resulted in global integration of economies into one. Pakistan is no exception.

Globalisation is a broad term that is often defined in economic factors alone. The Dictionary at merriam-webster.com describes globalisation as “the process of enabling financial markets to operate internationally, largely as a result of deregulation and improved communication.” Also due to deregulation on the financial market, multi-national companies are free to trade and move their businesses to areas where a higher return or profit can be achieved. New technology also enables companies to relocate to areas where labour costs are lower, for instance movement of call centre jobs from the UK to India.

In recent years, amongst all the claims and counterclaims, the argument over whether globalisation is a positive force or not has become rather controversial. Advocates claim globalisation facilitates economic growth, international financial integration, and cooperation between nations while critics vigorously argue that globalisation leads to a fierce exploitation of the labour class, a disparity between rich and poor, and a concentration of resources. Peng (2009) has indicated an innovative perception, the pendulum view, in order to emphasize both ups and downs of globalisation. As a pendulum, not only one direction swings, but also the other. The influence of globalisation

Globalisation can be defined as the movement toward economic, financial, trade, and communications integration by countries and their populations globally. It is a constant process and it has resulted in the intertwining and generalisation of the needs and wants of people

Globalisation is, in my view, about creating a new set of competencies that enables a company to utilize resources on an optimal basis to meet differentiated customer demand profitably and cost-competitively without

A definition of “Globalisation” would be that : “Globalisation typically refers to the process by which different economies and societies become more closely integrated3.”