Surinder Kumar
Abstract:
The world economy has undergone many revolutionary changes during the first few decades. The most prominent change being the emergence of global market and international competition, marked as globalization
It refers to the development of extensive worldwide patterns of economic relationships between the nations. The increasing sophistication in technology, particularly in information technology, transport and communication, has apparently changed the world into a global village. Globalization is the process of integration of economic, cultural, political and social systems across geographical boundaries throughout the world. Before to talk about globalization the contemporary world is the contemporary world is increasingly sharing the ever increasing problems and challenges like the environmental degradation terrorism and certain biological problems, etc. Consequently, a need to think from global perspective in all spheres in life in general and from point of view of the business houses in particular has become the order of the day.
