Broadly as a “trend toward greater economic, cultural, political, and technological interdependence among national institutions and economies” (Wild et al, 2010). Integration of markets is now understood to signify convergence in preferences of consumers while the profitable dispersal opportunities of production processes all over the world to obtain efficiency gains are also a part of the process. While such integration of markets leads to significant declines in production costs and generates new marketing opportunities globalization of production yields access to cheap labor and other resource sources and technical know-how (Wild et al, 2010)The recent discussions on globalization involve the arguments on its existence, the importance given to it today as compared to the past, the change in the concept of nation and citizenship because of globalization, the importance of globalization as against regionalism and localism. In addition, a crucial debate is continuously rising on weighing the positive and negative impacts of globalization from the past till now and exploring the people who are directly or indirectly influenced by the changes brought in by this concept.Globalization is a comprehensive and broad topic and covers a huge list of important issues including economic, social, political, cultural, religious and moral, etc. The definition of globalization is also defined in the light of all these perspectives. As it is defined by James Rosenau, a political scientist, as "a label that is presently in vogue to account for peoples, activities, norms, ideas, goods, services, and currencies that are decreasingly confined to a particular geographic space and its local and established practices" (1997, p.360).The differences and changes that occurred from the first era till now are observed in many instances and measures. For instance, the exported materials produced about 7% of the GNP in the late 19th century, and this figure has risen up to 8% in the current.
Globalization Past and Present