Positive Effects Of Globalization

Globalization can be defined as the process of international integration based on the interchange of products, services, ideas, views and other cultural aspects among nation states across the World. It is a process of deeper economic integration between countries and regions of the world.The Organization for Economic Co-operation and Development (OECD) defines globalization as, “The geographic dispersion of industrial and service activities, for example research and development, sourcing of inputs, production and distribution, and the cross-border networking of companies, for example through joint ventures and the sharing of assets”.The International Monetary Fund (IMF) identifies four basic aspects of globalization namely trade, capitalmovements, movement of people and the dissemination of knowledge.Globalizing processes closely affect and are affected by businesses, politics, economics, socio-cultural resources and the natural environment. Globalization also involves increasing amounts of cross-border trade in goods and services and an associated increase in movement of capital including the expansion of foreign direct investment (FDI) by multinational companies and the growing influence of sovereign wealth funds. It also encourages spatial division of labour in the sense of outsourcing and offshoring of both goods production and delivery of shared services leading to complicated supply chains circling the globe and higher levels of labour movement both within and between