Trade, along with migration, communication, and dissemination of scientific and technical knowledge, has helped to break the dominance of rampant poverty and the pervasiveness of ‘nasty, brutish and short’ lives that characterized the world. “Global interaction, rather than insulated isolation, has been the basis of economic progress in the world. Here is what Amartya Sen a Nobel Laureate and Economist has to say: Some identify a new emergence of a “global village.” In the past two decades, economic globalization has been the driving force behind the overall process of globalization. Such increases in the movement of goods, labor, and services have weakened national barriers and restrictions that are imposed by a nation state. There is also a significant movement of people from one country to another for trade and work. Large volumes of money movement, increased volumes of trade, changes in information technology and communication are all integral to a global world. Globalization in its basic economic sense refers to the adoption of open and unfettered trading markets (through lowering of trade barriers, removal of capital controls, and liberalization of foreign exchange restrictions). Globalization indicates that the world today is more interconnected than before. It is a controversial term and has been defined in several different ways. The term “Globalization” has been widely used in the last fifteen years. Impact of Globalization And Its Effect on Society Globalization in its basic economic sense refers to the adoption of open and unfettered trading markets through lowering of trade barriers, removal of capital controls, and liberalization of foreign exchange restrictions.,
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