Globalization describes an ongoing process by which regional economies, societies and cultures have become integrated through a globe-spanning network of exchange. The term is sometimes used to refer specifically to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology.[1]. However, globalization is usually recognized as being driven by a combination of economic, technological, sociocultural, political and biological factors.[2] The term can also refer to the transnational dissemination of ideas, languages, or popular culture.
Globalization is not a new phenomenon. It began in the late nineteenth century, but its spread slowed during the period from the start of the First World War until the third quarter of the twentieth century. This slowdown can be attributed to the inwardlooking policies pursued by a number of countries in order to protect their respective industries.. however, the pace of globalization picked up rapidly during the fourth quarter of the twentieth century….”[5]
Globalization, since World War II, is largely the result of planning by politicians to break down borders hampering trade to increase prosperity and interdependence thereby decreasing the chance of future war[citation needed]. Their work led to the Bretton Woods conference, an agreement by the world’s leading politicians to lay down the framework for international commerce and finance, and the founding of several international institutions intended to oversee the processes of globalization.
Globalization has various aspects which affect the world in several different ways such as:
• Industrial – emergence of worldwide production markets and broader access to a range of foreign products for consumers and companies. Particularly movement of material and goods between and within national boundaries.[citation needed]
• Financial – emergence of.