what is globalisation?
Globalisation means the interconnections in economic activities, trade and business that have led to the integration of manufacturing processes and markets around the different economies of the world. It is a process that is an offshoot of the liberalisation of previously closed national economies and opening them up to international manufacturers. Domestic companies are very often pitted against multi national corporations as a result of this. Reduction of trade barriers like tariffs, import duties and licensing quotas have hastened this process by fuelling capital and investment movements. It has led to demand for skilled labour. It has manifested itself culturally as well through the circulation of ideas. Dissemination of knowledge and technology is another important aspect of globalisation.