The conceptual trend of different processes resulting in greater interconnections of socio-cultural, economic and political proceedings at the global scale can be termed as globalization. It has been identified by many as the misbalanced process which has led to strengthening of the interdependencies of the major economies of the world with growing indifference towards economies that depart from these major economies. It has been constantly observed that the diverse effects of globalization with multi-faceted impacts from various processes on different countries are interlinked through the chains of globalization.
Commonly, it has come to be referred to as economic globalization, due to the amalgamation of several national economies into the international economy in form of trade, capital flows, foreign direct investments, migrations and technological spread and advancements1.
Chase-Dunn has presented a model of the processes and structures of the modern world-system and has proposed a project to transform the system into a democratic and collectively rational global commonwealth. ...Show more