What is globalization?

Answer 1

On a macro level, globalization means an increase in world trade relative to the world GDP. On a micro level, it means that there are more companies operating internationally and more industries where at least some of competing companies are operating globally.

Answer 2

Globalization is the revolution in communication and information technology, trade liberalization, formation of regional organizations high mobility of capital and labour e.t.c. It is what has contributed to reducing the world into what is called the global village such that what happen in one part of the globe is immediately known in/at the other part. Thus, the emphasis here is on an increasingly interdependent world, accelerated by convergence.
In economic term, globalization refers to the rapid integration of economies world wide through/to facilitate trade, financial flows, technological spillovers, information networks and cross cultural current. This globalization has given rise to a global market anchored on an international financial system. The principle of “contagion” now explains how ripples in the economy of any part of the world can have instant repercussion in other parts. Organizations operating in these environments therefore make decisions based on global consideration rather than local condition or country’s specific interests; the whole globe is treated as a market place rather than any specific country. This is the underlying basis for what has been termed “the new economic order” and the aim is to carry out economic activities on a global scale without undue regard for geographical or political borders. This situation has created a unique opportunity for a thorough self-assessment and repositioning for a nations’ economic policy.

Answer 3

globalisation means integrating our economy with the world economy