Horst Köhler, Managing Director of The International Monetary Fund defines globalization as “a process of increasing international division of labor and the accompanying integration of national economies through trade in goods and services, cross-border corporate investments and financial flows. This integration is boosted by technological progress, in particular in transport and communications. Ideally, globalization is a win-win proposition, in which all economies ultimately benefit through productivity and growth effects”. Meanwhile, 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.” As we stated earlier in this essay, definitions of globalization differ according to the point of view of the author. Nevertheless, we believe that the following definition could be seen as accurate as it doe not confines globalization to just an economic process: Globalization refers to the worldwide phenomenon of technological, economic, political and cultural exchanges, brought about by modern communication, transportation, and legal infrastructure as well as the political choice to consciously open cross-border links in international trade and finance. It is a term used to describe how human beings are becoming more intertwined with each other around the world economically, politically, and culturally.
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