Globalization refers to the increasing connectivity and integration of economies, societies and cultures through cross-border flow of goods, services, capital, people and information. It involves businesses expanding their international operations and presence. Globalization has been occurring for thousands of years but accelerated in the 15th century with European trade connecting Eastern and Western continents. In the 19th century, Britain dominated global trade and transportation increased speed. In the 20th-21st centuries, globalization reached its current form due to technology development and the internet, which facilitates e-commerce.

1. What is Globalization
Globalization means the assimilation of economics and societies through the flow of
information, ideas, technologies, goods, services, capital, finance, and people. The real
meaning of Globalization in a broad sense is connectivity in all aspects of human life. It
is the process where the businesses or other organizations expand international
authority or start operating on an international scale.
How Globalization Came into Existence?
Globalization has been witnessed from thousands of years. True Global trade began in the
age of discovery in the 15th century. The Eastern and Western continents were connected
by European merchants. There was the discovery of America in this period. Consequently,
global trade reached America from Europe. From the 19th century, there was a
domination of Great Britain all over the world. There was a rapid spread of international
trade. The British developed powerful ships and trains. Consequently, the speed of
transportation greatly increased. The rate of production of goods also significantly
increased. Communication also got faster which was better for Global trade. Finally, in
20th and 21st -Century Globalization took its ultimate form. Above all, the development of
technology and the internet took place. This was a massive aid for Globalization. Hence, E-
commerce plays a huge role in Globalization.
FEATURES OR CHARACTERISTICS OF GLOBALIZATION:
 to minimize trade barriers globally so that goods and services can move freely
and smoothly between the two nations.
 Globalization gives rise to the evolving nature of industrial organizations.
 Developed nations prefer to invest their huge funds in developing nations for
interest rate benefits so that they can get the benefit of advanced rates.
 In national and international markets, an effort is made to create such an
environment that all countries can take advantage of advanced technology by the
free flow of information and technology between different nations.
 Capital is the soul of business organizations. Under globalization, there is a free
flow of capital between the various contracting nations, so that the creation of
capital is possible.
 Globalization also promotes intellectual labour and wealth, that is, it is possible
to freely move the working class and personnel from one nation to another.

2.  As a result of globalization, the relaxation on the restrictions on international
economic practices increases gradually, leading to a gradual increase in
international trade.
 The globalization results in allocation and utilization of resources all over the
world based on market need and priority, which makes the underdeveloped and
developing nations quick to achieve material and human resources which were
not so easy in the past.
Impact of Globalization
 Increase in Foreign Direct Investment (FDI)
 Technological Innovation and changes
 Improvement of the quality of products.
 Development of social consciousness
 Global form of business:
 Advancement in health sector
 agricultural sector has advanced
 Huge revolution to the employment sector
Disadvantages
 Unequal competition
 Growing protectionism abroad
 Formation of regional trading blocs
 Need to stimulate technical progress
 Limited financial resources
 Entry in unwanted area
 Low domestic savings and acute balance of payment crisis,