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What Are the Characteristics of Globalization?

In: Business and Management

Submitted By kwaa
Words 620
Pages 3
What are the Characteristics of globalization?
Arvind Kumar
The main features of globalization are stated below.
1. Liberalisation:
The freedom of the industrialist/businessman to establish industry, trade or commerce either in his country or abroad; free exchange of capital, goods, service and technologies between countries;
2. Free Trade:
Free trade between countries; absence of excessive governmental control over trade;
3. Globalization of Economic Activities:
Control of economic activities by domestic market and international market; coordination of national economy and world economy;
4. Connectivity:
Localities being connected with the world by breaking national boundaries; forging of links between one society and another, and between one country and another through international transmission of knowledge, literature, technology, culture and information.
5. Borderless Globe:
Breaking of national barriers and creation of inter- connectedness; the ideal of 'borderless globe' articulated by Kenichi Ohmae.
6. A Composite Process:
Integration of nation-states across the world by common economic, commercial, political, cultural and technological ties; creation of a new world order with no national boundaries;
7. A Multi-dimensional Process:
Economically, it means opening up of national market, free trade and commerce among nations, and integration of national economies with the world economy. Politically, it means limited powers and functions of state, more rights and freedoms granted to the individual and empowerment of private sector; culturally, it means exchange of cultural values between societies and between nations; and ideologically, it means the spread of liberalism and capitalism.
8. A Top-Down process:
Globalization originates from developed countries and the MNCs (multinational corporations) based in them. Technologies, capital,

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