Globalization is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. Put in simple terms, globalization refers to processes that promote world- wide exchanges of national and cultural resources. Advances in transportation and telecommunications infrastructure, including the rise of the Internet are major factors in globalization, generating further interdependence of economic and cultural activities.
The International Monetary Fund (IMF) identified four basic aspects of globalization:
1. Trade and transactions,
2. Capital and investment movements,
3. Migration and movement of people and
4.
Dissemination of knowledge.
Further, environmental challenges such as
climate change, cross-boundary water and air pollution, and over- fishing of the ocean are linked with globalization. Globalizing processes affect and are affected by business and work organization, economics, socio-cultural resources, and the natural environment.
Globalization is the process of world shrinkage, of distances getting shorter, things moving closer. It pertains to the increasing ease with which somebody on one side of the world can interact, to
mutual benefit, with somebody on the other side of the world.