It is dynamic and unpredictable, although not entirely disordered.
Four major factors have been identified to be the driving forces pushing forward worldwide interdependence.
It means different things to different people, but in most cases remain a loose and ill-defined concept.
Globalization has several definitions, but an undisputable fact which everyone agrees to is the fact that it is a complex process that has wide and varying impacts on economies, both developed and developing.
This then means that globalization does not hold the same benefits for all members of the global community.
It holds more benefit for members of developed nations while developing nations can be said to be in a rather deprived position.Another positive impact of globalization on developing countries is an increase in standard of living.One of the aims of globalization of economies is to reduce poverty, and this aim is being achieved by the increased access to foreign funding from industrialized nations to developing countries.Through the elaboration and adoption of market-oriented policies and regulations at both the international and local levels, the national governments have played a very vital role in allowing greater interdependence and economic integration of specific activities (Bertucci & Alberti 2001).The most formidable force is the economic dimension of globalization as it is the driving force for both the social and political aspects (Ibrahim 2006).And the spending of these funds on improving the education, health, social, and transport infrastructure of the developing nations aids in improving the standard of living of the people.Thanks to globalization, developing countries now have access to new markets.There is now an increase in the inflow of foreign direct investment to developing countries as more than a quarter of world foreign direct investment inflows were received between 19 and this has increased yearly (World development indicators in Bertucci & Alberti 2001).From US billion in 1980, private capital flows to developing countries increased to US 0 billion by 1997 (Bertucci & Alberti 2001).Free 3000 words Globalisation Essay: The concept of globalization is currently a popular but very controversial issue, and has been one of the most widely debated issues since communism collapsed.‘Debates currently raging about globalization include whether it even exists, whether it is more important now than at some earlier date, whether it is displacing the nation state, and whether it is more important than regionalism or localism’ (Stallings 2000).