Impacts Of Globalization Of Globalization

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Globalization is the concept that describes the process of interaction and integration of people, markets, economies and governments around the world through international trade network, communication, and immigration and information technology. (Financial Times, 2016) “In the more recent past, globalization was often primarily focused on the economic side of the world, such as trade, foreign direct investment and international capital flows, more recently the term has been expanded to include a broader range of areas and activities such as culture, media, technology, socio-cultural, political, and even biological factors, e.g. climate change.”

In the last three decades, the global financial market has experienced exponential growth in size; structure and sophistication, as the value of financial assets traded in these markets have grown by over 140 percent. Many countries have realized that the growth and performance of their local financial markets; which is a market that provides the platform for buyers and sellers to trade securities, currencies, bonds, derivatives and other financial assets is considered as a measure of economic growth and relevance in the international community. Therefore, over the years many countries have opened up their borders to international trade and have deregulated their financial markets to spur economic growth as these markets offer financial products that provides avenues for the efficient allocation of resources for firms, funding

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