Globalization is a term used to mean the opening of nationalistic and local perspectives (social, political, cultural and economic) to a broader stance of an interdependent and interconnected nations with free transfer of commodities and capital across national frontiers…
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David, et al, (1999) identified the simplest sense of globalization encompasses speeding, widening and deepening up of global interconnectedness of national aspects. McMicheal (2000), suggest that the term globalization refers to the integration of a project pursuing market rule on a global scale.
Anthony Giddens in his philosophy ‘The Consequences of Modernity’ defined globalization as the intensification of international social relations which shorten distant localities in such a way that events occurring locally are shaped by events occurring miles away. Other scholars such as Roland Robertson, a professor of sociology, defined globalization as “the compression of the world and the intensification of the consciousness of the world as a whole” (Bartmess & Cerny, 2007). In this perspective, there is no universally accepted definition of globalization, but the acceptability depends on the context at which the term is used. However, globalization can be well be understood by determining factors and aspects that make up the term.
In 2000, International Monetary Fund (IMF) developed four basic aspects of globalization; transaction and trade, investment and capital movement, movement of people and migration and dissemination of knowledge (International Monetary Fund, 2000). In terms of transaction and trade, low-income countries increased their share of world trade from 18.6% in 1971 to 28% in 1999. Private capital flows to low-income and middle-income countries replaced by ‘development assistance’ and ‘aid. Foreign direct investment became the investment of concern by larger companies in developing countries, which led the introduction of multinational companies (Asmussen, 2011).
David, et al, (2005) identified that globalization developed international trade and companies. Due to increased interaction among nationalities, countries traded with one another with goods and services they have a comparative advantage (David, et
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