hether it symbolizes something “novel” or a new epoch or merely the most recent and not essentially most important phase in a long historical development. This argument has both an empirical and conceptual aspect. It is debated on the one side that developments and trends connected with the globalization process cannot be compared with the substantiation of internationalization of free flow of products, labour and capital and economic intercourse during the late nineteenth century. According to Dicken (1992), many studies have corroborated that free flow of products; capital and labour were greater in the phases up to First World War than during the last quarter of the twentieth century. (Veltmeyer 13)
Further, supporters of globalization are of the view that prior types of this internationalization were not companioned by any extent near the same magnitude of the economic assimilation, and hence it did not end in the formation of an integrated global manufacturing system. Theorists of globalization argue that the whole gamut of change has been buttressed by the enhanced technological process, supported by the increasing role of the multinational corporations and assisted by liberalization and deregulation of market all over the globe. (Griffin and Khan 59-66). These theorists assert that the difference between the present and the past is in the technological conditions of this globalization (a transformation in communication technology and its appropriate policy and institutional frame work (reforms in a free market, measures like structural adjustment) and the magnitude of systematic assimilation or integration. (Veltmeyer 13)
When compared to progress during the industrial revolution and the reforms introduced during and after the First World War, the current globalization process has come with liberalization of free flow of products, capital, services, information and technology. Further, there has been deregulation in associated economic atmospheres ...
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