Globalization Globalization refers to an advance stage of development where capital, technology, labor, raw materials, information and transportation, distribution and marketing are integrated or interdependent on a global scale. Economic liberalization and globalization are closely linked. It is important to take these terms interchangeably. Basically it is liberalization policy which enables the growing globalization process. Thus economic liberalization generally refers to policy be defined as the process of increasing economic integration between or among countries leading to the emergence of a global market place or a single world market in every aspect of economic activities: production, consumption, exchange and distribution. Thus globalization may be seen as a major driving force of global economic integration and has the following main features: § Internationalization of production with very fast changes in the structure of production. § Liberalization a
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