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It is the widening and deepening of international flows of trade, finance and information in a single, integrated global market. Or it can be defined as the transformation (shrinking) of the world into a global village, as borders disappear, distances shrink, and time shortens. Alternatively, it can be described as the increasing linkages between the world's people.
The phase of globalization has proved to be of monumental change to how countries collaborate and interact with each other. It is a key driving force in steering the world towards a more integrated society. Coupled with the progress of information technology and the increase in information exchange between countries, it has inevitably caused countries to be more closely interlinked than ever before...
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