What is globalization, and what are some of the traditional international trade theories that support the concept of globalization?

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Globalisation has provided people with a great opportunity of integration through its declined communication and transport costs,better access to a larger consumer baser which may run into billions of people into the world economy.


Vincent points out that the present form of globalization is defective as it is largely shaped by the rules made by the superpowers and that is why these rules do not necessarily benefit the developing countries. (Friedman 1992). Globalisation has come to involve a delocalization of business activities which previously involved face-to-face interaction, or that were local, due to long distances. This significant delocalization has occurred in the social and economic exchanges and cultural barriers have been accordingly broken). Business and commerce has taken the most effect from this phenomena as the internet has proven to be a tool on Globalisation as e-commerce has revolutionized the entire business scene and broken the notion of geographical boundaries.

Globalisation brings with it low costs and through better networking and transport better business networking is possible.The cost of disseminating information has reduced due to the advent of instantaneous ...
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