Difference Between Globalisation And Globalization

7.1 INTRODUCTION:
The term globalization can be used in different contexts. The general usages of the term Globalization can be as follows:
i. Interactions and interdependence among countries. ii. Integration of world economy. iii. Deterritorisation.
By synthesising all the above views Globalization can be broadly defined as follows:
It refers to a process whereby there are social, cultural, technological exchanges across the border. The term Globalization was first coined in 1980s. But even before this there were interactions among nations. But in the modern days Globalization has touched all spheres of life such as economy, education, technology, cultural phenomenon, social aspects etc. The term “global village” is also frequently used to highlight the significance of globalization. This term signifies that revolution in electronic communication would unite the world.
Undoubtedly, it can be accepted that globalization is not only the present trend but also future world order.
Liberalisation:
It is an immediate effect of globalization. Liberalisation is commonly known as free trade. It implies removal of restrictions and barriers to free trade.
Privatisation:
In the event of globalization privatisation has become an order of the day. Privatisation can be defined as the transfer of ownership and

Foreign Investment limit in bank was raised to around 50 percent. Those banks which fulfil certain conditions have been given freedom to set up new branches without the approval of the RBI and rationalise their existing branch network. Though banks have given permission to generate resources from India and abroad, certain aspects have been retained with the RBI to safeguard the interests of the account holders and the nation. Foreign Institutional Investors (FII) such as merchant bankers, mutual funds and pension funds are now allowed to invest in Indian financial