The growing economic interdependence of countries worldwide through increasing volume and variety of cross border transactions in goods and services and of international capital flows, and also through the more rapid and widespread diffusion of technology.
Definitions are categorised into three main frames:
- The positive frame – points to the potential gains and benefits of globalization
- The neutral frame – natural, evolutionary and largely inevitable development.
- The negative frame – points to the increasing potential for economic crisis, growing income inequality, threat to employment etc.
Aspects of globalisation
- Trade and transactions
- Capital and investment movement
- Dissemination of knowledge