ABSTRACT
Globalisation may literally be defined as the process or transformation of local or regional phenomena into global ones. It may be described as a process by which the people of the world are unified into a single society and function together. It is a combination of economic, technological, socio-cultural and political forces (Croucher 2004). Tom G. Palmer of Cato Institute defines ‘globalisation’ as ‘the diminution or elimination of state-enforced restrictions on exchanges across borders and the increasingly integrated and complex global system of production and exchange that has emerged as a result’ (Palmer 2003). Globalisation has brought about the most economic, political, cultural, inputs, output, information, and technology changes since the 1970s. However, what this term denotes has been among the most contentious processes across the world. Ever since the term was first used to make sense the large-scale changes, debates and discussion have been continuously taking place about its impact. Thomas L. Friedman ‘examines the impact of the “flattening” of the globe’, and argues that international trade, outsourcing, supply chaining, and the political forces have modified the world in good and bad form permanently. He also argues that the pace of globalisation is quickening and will continue to have a growing impact on business organisation and practice (Friedman 2008).
