Globalization is a process in which the internationally products are getting exchanged. Not only the products, but also ideas, researches, topics, thoughts and so on.
Industrial Emergence: It was deeply observed that the industrial emergence had brought drastic reforms to the world wide productions markets and to boot had brought a great broader access of foreign products for consume to the people. Moreover, International trade in manufactured goods has flourished more than 100 times in the last 50 years since 1955.
Financial Emergence: Financial emergence of worldwide financial markets have up to the mark influence for external financing of borrowing. It is well document fact that in the early of 21st century more than $ 1.5 trillion national currencies were traded in order to aid the expand levels of trade and investment also. Without any shadow of doubt that as these worldwide structures have grown more quickly as the instability of the global financial infrastructures have drastically increased as recorded by financial crisis of 2007- 2012.
Job market: it is ironic that in the ancient days, the economic fate of workers was connected with the fate of national economies. First Globalization: First Globalization has winners and losers and the unpalatable pain for the losers can be countless. In fact this is the NGO and protest movement of criticism of globalization. Globalization is causing a disorder affection pattern of employment, on traditional cultures and have the State capability to deal with the hazards being faced by the citizens in its jurisdictions.
Second Globalization: Globalization is not only a great facilitator for the members of civil society and business, but also for the uncivil society who are engaged in illicit business. 2nd globalization has provided a perfect environment for the rampant growth of transnational criminals and terrorists organizations.
3rd Globalization: 3rd Globalization is a pivotal challenge to the dominance of West Phalian State, constructing the knowledge of state authority by making it more hazardous for the state so as to carry out its traditional functions in a way that simultaneously meet the need and demands of citizens. At last, Globalization seems to be a change agent that has brought multiple changes in the world and made the globe as a small village. Global flow of information has interlinked one state to another.
Fatima Ghafoor
Via Email
