applications of the term ‘Globalisation’ can be traced back to a publication titled ‘Towards New Education’ which sought to imply an overview of the human experience in education. In , another term “corporate giants”, coined by Charles Russell Tazel, found its place in the economic literature that meant the big trusts and large enterprises. These two terms began to be used interchangeably between and by scholars within the realm of economics and other social sciences. World Bank defines Globalisation as “the growing integration of economies and societies around the world”.
The transformation of the term ‘Globalisation’ to a conceptual framework triggered a new array of thinking providing new interpretations and discourses on the global economic narrative. With the end of the Cold War, the concept made its way to be representing a world that is progressively interdependent in its economic and informational dimension. Acting as a paradigm of spatial-temporal processes of change, Globalisation unpacks a template of fundamental metamorphosis which rescripts the international economic patterns. ( According to World Health Organisation (WHO), “Globalisation, or the increased interconnectedness and interdependence of people and countries, is generally understood to include two interrelated elements: the opening of borders to increasingly fast flows of goods, services, finance, people and ideas across international borders; and the changes in institutional and policy regimes at the international and national levels that facilitate or promote such flows.
It is recognized that Globalisation has both positive and negative impacts development”. It is clear that WHO provides a holistic approach in defining the notion of Globalisation by embracing socio-economic and politico-technological paradigms. Globalisation as a key element in the theory and practice of business posits a construct of connectivity across various spectra. The International Monetary Fund’s (IMF) identification of the four basic tenets of Globalisation in subsided the ambiguities concerning the term to a large extent.
They are as follows: trade and transactions, capital movements and investment, migration and movement of people and the spreading of knowledge. Vectors of Globalisation Globalisation as a process exhibits an array of patterns at