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Globalization is one of the most controversial topics today. It has a strong impact on the economic, social, cultural and technological aspects of nations and governments. Aside from its impact on nations, it also affects the quality of life of individuals and institutions worldwide.
According to (Giddens 2001), globalisation is "the growing interdependence between different people, regions and countries in the world as social and economic relationships come to stretch worldwide". The International Forum on Globalization defines it as, "the present worldwide drive toward a globalized economic system dominated by supranational corporate trade and banking institutions that are not accountable to democratic processes or national governments." (Rosenberg 2000) defines "The term 'globalization' after all, is at first sight merely a descriptive category, denoting either the geographical extension of social processes or possibly, as in Giddens' definition, 'the intensification of worldwide social relations'."
According to the (World Bank Brief 2000) globalisation gained pace in the 1980s and 1990s, with the advancements in information technology, transportation and global communications. These include improved telecommunications, the Internet and faster world travel, to name a few. These technological improvements enabled people to transport goods, services and knowledge, faster, farther and more reliably. Governments have also adopted more open policies that allow for closer international economic cooperation. All these factors contribute to globalization.
With the effects of globalisation permeating every ...
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