This means that globalisation is another name of integration of world markets under a single umbrella.Īccording to Andrew Heywood “globalisation is not a single- process but a complex of processes, sometimes overlapping and interlocking processes but also at times contradictory and oppositional ones. In its economic dimension (globalisation is mainly an economic term though it is associated with politics) globalisation refers to the remarkable expansion of markets where imports and exports of commodities take place.
So globalisation, in other words, is the denial of national boundaries which are so keenly maintained by the states. In a globalised atmosphere the ideas and commodities along with people will not counter any hindrance.
This definition highlights the free movement of goods, ideas and people among the states.
One author calls globalisation as an unrestricted inflow and outflow of commodities, money, ideas and also unrestricted movement of people in different countries of the globe. It says that the globalisation is a process in which state-centric agencies are reduced to insignificance and maximum importance is given to other actors such as multinational corporations, transnational bodies and financial agencies. Penguin Dictionary of International Relation defines it in a slightly different way. It also includes inflows and outflows of various services. It includes import-export of goods, investment and technical knowhow’s. The term is really broad and significant.
Nayyar the two words economic and openness are vital. More precisely, it can be defined as a process associated with increasing economic openness, growing economic interdependence and deepening economic integration between countries in the world economy”. Deepak Nayyar, a recent authority of the subject, defines it in the following words: “It (globalisation) refers to the expansion of economic transactions and the organisation of economic activities across the political boundaries of nation-states. But this short definition does not convey the whole idea that lies in it. This modernisation of interdependence may be called globalisation.