Globalization The term globalization means a process of increased interconnectedness among countries especially in terms of economy, politics as well as culture. The effect of globalization has been felt positively in all corners of the world this is due to the fact that it has been associated with most vital issues. A section of economists analyze globalization as a fast train which a country needs to build a platform so that it

The private sector thus becomes the most important factor in the decision making process. Unfortunately, as bad as it sounds the fact that states are losing their powers in front of the private sector, globalization has proved to work, at least in the more developed countries. The weakness of a state is the price to pay for a prosper society. It is true that globalization weakens the state, but this

Globalization and the Great Rebalancing The great rebalancing - or the shifting of the global economy toward developing nations - is important for globalization. However, just because it is important does not mean it is easy or that everyone involved thinks it is the best idea. As with any change or development in the business market, there are both pros and cons to the rebalancing of power and the way

Thus, globalization may have several drivers, factors, and aspects that may pose challenges to a nations strength, power and sovereignty. There may be strong influences from private entities, TNCs and MNCs for the government of a nation-state to formulate policies beneficial to these groups. Then there are the international monetary agencies such as the World Bank and IMF whose policies also undermine governments. All these are strong influences to

economic environment, simply defined, Globalization is "a phenomena by which economic agents in any given part of the world are much more affected by events elsewhere in the world." (Wolf, 2004) Globalization also "refers to the process of increasing social and cultural inter-connectedness, political interdependence, and economic, financial and market integrations. Globalization makes alliances an integral part of a firm's strategy to better satisfy customers and to achieve sustainable

"The creation of new jobs overseas will eventually lead to more jobs and higher incomes in the United States...An open economy leads to concentrated costs (and diffuse benefits) in the short-term and significant benefits in the long-term. Protectionism generates pain in both the short-term and the long-term." (Drezner, 2004, p.1) in short, what is good for commerce abroad will, in a free market, eventually yield dividends for the American