Globalization means different things to different people. According to Deepak Nayyar, “It (globalization) can be defined, simply, as the expansion of economic activities across political boundaries of nation States. More importantly perhaps, it refers to a process of deepening economic integration, increasing economic openness and growing economic interdependence between countries in the world economy.
“The important characteristics of globalization are as follows:
(i) Rapid growth in international financial transactions;
(ii) Fast growth in trade, especially among multinational corporations (MNCs);
(iii) Surge in foreign direct investment, largely contributed by MNCs;
(iv) The emergence of global markets; and
(v) The diffusion of technologies and ideas trough rapid extension of a globalize transportation and communication system.
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