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, Compiled by Tello Email:muzavazi47@gmail.com Call/WhatsAapp +27717513144
Globalization.
This phenomenon has been defined by different authors in trying to give the true
nature of globalisation.
Some of the definitions that gained traction to most academicians are as follows.
In our study guide, globalisation is defined as the growing interdependence of
countries worldwide through the increasing volume and variety of cross border
transactions in goods and services as well as international capital flow through the
more rapid and widespread diffusion of technology.
In other words, Salvatore (2013) defined it as the revolution which in terms of scope
and significance is compared to that of historical revolution.
Brevis and Vrba (2014) also chipped in and explained globalisation as the increasing
complexity of markets and production systems and the exchange of ideas across
cultures.
It is important to note that; globalisation has been felt in different facets of the globe
such as the economic, social spheres, political setups among others.
Thus Hill & Hult (2017) observed globalisation as the shift towards a more integrated
and interdependent world economy.
In trying to express this phenomenon, some authors went further to discover that
globalisation can be defined differently putting into consideration what exactly is
happening over a certain period of time and the geographical location involved.
This necessitated the idea or concept of globalisation of production and of markets.
These 2 concepts were used to reflect the interdependency of nations across the globe.
Trade barriers fell over period of time as nations compete for investments which are
an offspring of globalisation.
In this realm, Perratal et al (1997) hence defined globalisation as the sharp increase in
the level of international activity particularly but not exclusively international
economic flow.
This has brought us to a stage where we need to take a look at what is globalisation of
production and of markets,
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