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Thursday, March 17, 2016

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What is Globalization?

Leke Oyetoke - Thursday, March 17, 2016


Globalization (or globalisation) is international integration arising from exchange of world views, products, ideas and mutual sharing, and other aspects of life, style and culture.

The world is a marketplace. Brands are merging rapidly, both local and international. A company in Europe can now claim to be the owner of a USA company, or USA now claiming to own part of another country company shares etc. The emergence of Internet allows companies to work globally. Companies now consider the need to go global in bid to be known worldwide.

The internet allows SMEs to have global reach. Though business environment is going global, tastes still matters.


Globalization is a very recent term, establishing its current meaning in the 1970s, which 'emerged from the intersection of four interrelated sets of "communities of practice": academics, journalists, publishers/editors, and librarians.

In 2000, the International Monetary Fund (IMF) pointed out four basic aspects of globalization: 

1. trade and transactions, 
2. capital and investment movements, 
3. migration and movement of people, and
4. the dissemination of knowledge.

Environmental challenges such as global warming, cross-boundary water and air pollution, and over-fishing of the ocean are linked with globalization. Globalizing processes affect and are affected by business and work organization, economics, socio-cultural resources, and the natural environment.


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