Role Of Globalization In A Global Economy

World as a global economy
Globalization is not something we can hold off or turn off . . . it is the economic equivalent of a force of nature -- like wind or water." Bill Clinton (American 42nd US president (1993-2001))
The term globalization is a practice of international integration and interdependence of national economies, arising from the interchange of world views, products, ideas, and other aspects of culture. Globalization is not a new phenomenon. Globalization is a highly comprehensive and controversial concept. This process of globalization in has neither advanced smoothly in the economic domain, nor has it always been beneficial. But, despite occasional disruptions, such as following the collapse of the Roman Empire, the degree of

The emergence of this force has thus convinced each region of the world to design its future policies to cope with the challenges of globalization. the future policy alternatives for countries and regions have thus to be analysed in the context of th eglobal economy with free trade of goods and services, free movement of capital,technology and skills and with improvements in transportation and communication links.in spite of the signifivant diffrerences among regions of the world,there are convincing arguemments that call each region to design its own strategy on how to cope with the challenges og globalization.
Drivers of Globalization
Today many factors are globalization involves numerous features, but the following seem to be the main engine driving the global integration.The drivers affecting globalization can be divided into five different groups:
1) Technological drivers First driver is the internationalizing or commoditization of the Information and Communication Technology (ICT) infrastructure, computers, software, and Internet. According to Friedman, “These technologies are able to weave the world together even

Improvement in the technology of transportation and communication resulted in reduced costs of transporting useful knowledge, technology, goods, services, and factors of production. Innovations in the transportation technology revolutionized the industry. The most important developments among these are the commercial jet aircraft and the concept of containerisation in the late 1970s and 1980s. Inventions in the area of microprocessors and telecommunications enabled highly effective computing and communication at a low-cost level. Finally the rapid growth of the Internet is the latest technological driver that created global e-business and e-commerce.
2) Political drivers
This deep global integration sets the stage for the second driver, the development of world trading systems and standards–leading to free trade, removal of barriers to trade, democratization of capital and investment barriers, and knowledge transfer.
Government can also play a role in driving globalization. Political leaders can drive globalization by implementing laws for common product and technology standards, a benign regulatory climate and favorable trade policies. Government drivers are important in forming the competitive environment because of the presence or absence of favorable trade policies; government-operated competitors or customers; and technical