lobalization can be succinctly defined as the process of ever increasing integration of societies and economies of various countries in the world. It is one of the most controversial issues in international economics and trade. Globalization effectively refers to a multifaceted process of economic and trade integration, with a singular focus on shrinking the geographical expanse of the economic sphere of activity. The World Health Organization (WHO) probably gives the best working definition of globalization.
“Globalization, or the increased interconnectedness and interdependence of people and countries, is generally understood to include two interrelated elements: the opening of borders to increasingly fast flows of goods, services, finance, people and ideas across international borders; and the changes in institutional and policy regimes at the international and national levels that facilitate or promote such flows”(www.who.int/trade/entity/). Global economic or trade integration necessarily leads to some political and legal integration as well. The World Trade Organisation as the global watchdog of trade oversees the rules-based regime of international trade and lays the foundation for a policy structure of globalization. A myriad of citizens’ organizations have ganged up against globalization in both the developing world and the developed world. This phenomenon has also brought with it a debate on ‘trade culture’, a debate that focuses on the origin of trade with context as the most important aspect.