Due to the process of the globalization, there is a fast growth in the technology, communication, science, transport and business. The worldwide economy has been affected a lot of the fast changes happening in the field of technology, communication and transportation. This concept has helped in building the relations between the countries for their smooth running of the businesses. The integration and the cooperation of the countries to move the present resources for maximum financial growth have resulted in increasing the momentum over the past few decades. This has resulted in opening new markets and worldwide commerce to increase the financial growth across countries. Therefore, the term globalization can aptly be explained as the amalgamation of nations and companies worldwide. Globalization – a historical overview There are different opinions of the history of globalization. According to Scholte (2005) the globalization process is indicated by “the scale of contemporary telecommunication, air travel, transworld goods, transplanetary financial transactions, transworld civil society associations, global regulations, global festivals, and global awareness among the general public in the world over” (p118). The globalization practice is mainly due to the increased rate in improvement of technology, transportation, science, communication and commerce. …
The combination of technology infrastructure with supportive economic policies is the important requisite to open new markets and economic sections for improved amalgamations. Economic growth and development cannot happen with good economic policies and support of the government. The business policy and the socio-political atmosphere of the country are the important features deciding the “orientation towards integration into the global economy.” Rapid economic growth can be achieved also by promoting skills, by exhibiting the workforces and individual competence. Nowadays, economic growth is dependent on the individual competence the knowledge or specialization of the skills an organization has in a competitive market. The entry or exit of new industries totally depends on the industry policies. The growth and promotion of an enhanced atmosphere for economic amalgamation depends on the government policy frameworks, workforce efficiencies, and industry structures (Fischer, 2003). Many industries had dreamt about globalization to make the trade volume increase. The changes, which we have seen in the field of technology, communication and transportation, were the main features in overcoming the physical barriers and achieving the goal. Countries all over the world have allowed such policies so that foreign countries enter and there were more facilities in the market to enhance the economic growth and development. Some think that globalization happened just recently but they also feel that it might have started happening quite early, seeing the developments that are of recent times but supports the history. Now, this is

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