Globalization refers to the integration of economies around the world through reduced barriers to trade and financial flows. It is driven by technological advances as well as economic, social, and political factors. Globalization can be measured across economic, social, and political dimensions. The most globalized countries according to research groups are Western European nations like Austria and the UK, while the least globalized are countries in Africa and Asia such as Haiti, Myanmar, and Burundi. Globalization has increased international trade dramatically and led to a more interconnected global financial system, with both benefits and challenges for national economies.

1. BUSINESS IN GLOBALIZATION by siddharthan

2. HISTORY The world's economic order through reduction of such barriers to international trade most closely associated with the term “ economic globalization ” integration of national economies into the international economy through trade, foreign direct investment , capital flows , migration driven by a combination of economic, technological, sociocultural, political, and biological factors

3. DEFINITION United Nations ESCWA –”reduction and removal of barriers between national borders in order to facilitate the flow of goods, capital, services and labour”. Tom G. Palmer-"the diminution or elimination of state-enforced restrictions on exchanges across borders and the increasingly integrated and complex global system of production and exchange that has emerged as a result."

4. MEASUREMENT 3 main dimensions of globalization ECONOMIC SOCIAL POLITICAL SWISS THINK TANK RESEARCH- w orld's most globalized country-Austria, Sweden, the United Kingdom and the Netherlands. world's least globalized country-Haiti, Myanmar, the central african public and Burundi A.T. Kearney and Foreign Policy Magazine - Singapore , Ireland, Switzerland, the Netherlands, Canada and Denmark -most globalized, while Indonesia, India and Iran are the least globalized among countries listed

5. Global market Financial interdependency Basic necessary goods GDP growth-india 7.7%

6. Globalization in India FDI reached 2% of GDP, compared with 0.1% in 1990 strengths in IT and other significant areas such as auto components, chemicals, apparels, pharmaceuticals, and jewellry large pool of skilled managerial and technical expertise FDI inflow for 2011-2013 has been reported as $24bn, expected $35 billion

7. EFFECTS INDUSTRIAL: International trade in manufactured goods has increased more than 100 times (from $95 billion to $12 trillion) since 1955. FINANCIAL By the early part of the 21st century, more than $1.5 trillion in national currencies traded daily to support the expanded levels of trade and investment ECONOMIC workers compete in a global market. wages are less dependent on the success or failure of individual economies. This has had a major effect on wages and income distribution

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