The use of the World Wide Web as a medium of communication has played a key role in dissolving the national and regional boundaries. The rise of information technology has brought with it the concepts of terms like outsourcing. It has also led to people and ideas coming together closer.
Despite globalization being considered as a feature that intends to convert the entire world into a single global village, it has some negative effects as well. The spread of globalization has also adversely affected the trade interests of the poorer nations. Globalization has also lead to spread of many infectious diseases which may have been quarantined if the feature was absent.
The term globalization was first coined in the year 1980. Globalization since then has been cited by different people in many ways. Gordon (1995) concluded that there are three distinct and different meanings of the term “globalization”. He also stated that these three terms have separate implications and meanings for different sections of the society. The three meanings are Multi-nationalization, Internationalization and Trans-nationalization. Multi-nationalization is defined as a phenomenon in which business houses tend to locate their business units in different nations with the help of information technology aided tools like internet and e-commerce. Internationalization is a term which refers to the expansion of the businesses of a firm into different and diverse geographical regions cutting across national boundaries. Trans-Nationalization is defined as a term which is better known as strategic alliance in which two or more business organizations from diverse countries share their experiences and expertise to develop new services and products on a joint basis. (Ashford, NA. n.d.).
He also stated the role of information technology towards bringing about globalization. Information technology has brought with it tools like internet and e-commerce which have wiped away national and regional