As the report discusses globalisation can mean many things. There is the economic component of globalisation that is defined as “the integration of national economies into the international economy through trade, direct foreign investment, short term capital flows and international flows of workers and humanity in general”. As a by product of this economic globalisation is the flow of ideas and culture across national borders. The other definition of globalisation is “the freer movement of goods, services, ideas and people around the world”. This definition encompasses the qualitative aspects of globalisation in the sense that it goes beyond mere numbers in defining the exchange of information in a borderless world.This paper stresses that trade and commerce between nations has always been the case since the first ships carrying silk, spices and muslin from the east and other exotic stuff from the west has set forth for each other’s shores. In fact, the famous voyage of Christopher Columbus is a testament to the ability of nations to seek out markets other than their own for trade. Though the world was integrated in colonial times as well, the process received a setback in the 21st century in the intervening period between the two world wars. It was only after the establishment of the Bretton Woods system that the world economy started regaining some of its interconnectedness.