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What is Globalization?
Def: Globalization refers to the processes by which flows
of trade, finance and information between countries are
broadened and deepened so that they function as one
global market. (Mohammed 2007)
Characteristics: liberalization of world trade; formation of
regional trading blocs ( EU, NAFTA, ASEAN, MERCUSOR,
CARICOM); reduction in cost of information; mobility of
capital and labour
N.B. These factors combine to increase the level of
international competition.
Although globalization began to accelerate from the
1980s it has its roots in imperialism and colonialism.
Stages of Globalization
World Bank
International Monetary Fund
World Trade Organization/ formerly the GATT
Trans-national Corporations or Multi-national
Corporations
Overview of IMF