globalisation
Globalization gives individuals and states an economic stake in each other thus making political stability and cooperation more likely
Several authors have sought to define globalization in a variety of ways with relative success as a definite definition would restrict its meaning (Al-Rodhan, 2006). Giddens defined globalization as the intensification of worldwide social relations that link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa. (Giddens 1990, p.21). Scholte (2000, p.46) expressed this more clearly, stating that globalization can be viewed as the de-terrorialisation or growth of supraterriorial relation between people and the integration of the world-economy (Glipin, 2002, p.364). However, International Monetary Fund (IMF) gives an encompassing definition. The IMF defines globalization as
“A historical process, the result of human innovation and technological progress. It refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders. The term sometimes also refers to the movement of people (labor) and knowledge (technology) across international borders. There are also broader cultural, political, and environmental dimensions of globalization.” (Di Giovanni et all, 2008).
This paper adopts this definition as it explains the complexities involved in globalization and the process of facilitating interconnectedness between societies to a degree whereby the rippled effects of incidents that may take place in one part of the world are more likely to affect the societies and people in other parts of the world.
International bodies such as the IMF, World Bank, Organization for Economic Co-operation and Development (OECD) and the World Trade Organization (WTO) are policy making institutions that facilitate international trade, aid in reducing poverty, stimulate economic progress and regulates
Several authors have sought to define globalization in a variety of ways with relative success as a definite definition would restrict its meaning (Al-Rodhan, 2006). Giddens defined globalization as the intensification of worldwide social relations that link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa. (Giddens 1990, p.21). Scholte (2000, p.46) expressed this more clearly, stating that globalization can be viewed as the de-terrorialisation or growth of supraterriorial relation between people and the integration of the world-economy (Glipin, 2002, p.364). However, International Monetary Fund (IMF) gives an encompassing definition. The IMF defines globalization as
“A historical process, the result of human innovation and technological progress. It refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders. The term sometimes also refers to the movement of people (labor) and knowledge (technology) across international borders. There are also broader cultural, political, and environmental dimensions of globalization.” (Di Giovanni et all, 2008).
This paper adopts this definition as it explains the complexities involved in globalization and the process of facilitating interconnectedness between societies to a degree whereby the rippled effects of incidents that may take place in one part of the world are more likely to affect the societies and people in other parts of the world.
International bodies such as the IMF, World Bank, Organization for Economic Co-operation and Development (OECD) and the World Trade Organization (WTO) are policy making institutions that facilitate international trade, aid in reducing poverty, stimulate economic progress and regulates