Globalisation and development : an overview of issues

Globalisation is a term used to describe the process of transformation of geographic boundaries of a country from national to global. It is a continuous process of integration of national economies in the areas of trade flows, financial flows, human labour flows, under the supervision of supra-national authorities such as the WTO, IMP and so on. Apart from economic activities, globalisation has also been transforming political and cultural activities of nation states, thereby greatly enhancing their inter connections and inter dependencies on a global scale (Stegar 2002).