From politicians to businessmen, the globalisation is a word that is on everyone’s lips. The BBC News is launching a major examination of the subject. Experiencing an unprecedented Information Technology boom that is transforming the prospects of the Indian economy. As a result of the Information Technology boom, it has launched their own web based travel firm, getoffrass.com and it is doing a booming business selling weekend getaway holidays to stressed out Information Technology workers. A skilled car engineer in Flint for Dean Braid, Michigan life is not so  good. He and the 28,000 other workers were laid off from the Buick City when GM  closed the complex in the year 1999 and has not worked. The globalization is blamed for most of the ills of the modern world, but it is also praised for bringing unprecedented prosperity. In the globalisation, the accelerating pace of globalisation is having a profound effect on the life in a generation. Most of the economist believe gloablization may be the explanation for the key trends in the world economy including the following.

The lower wages for the workers and a higher profit in Western economies, the flood of migrants to the cities in the poor countries, and the low inflation and low interest rates despite strong growth. In the last 50 years and globalisation has played a key role in the unprecedented increase in prosperity which is now spreading from the United States and Europe to include most formerly poor countries in Asia such as China and India. In defining globalisation, in the economic terms, globalisation refers to the growing economic integration of the world, as a trade investment and money increasingly cross international borders. This is which may or may not have political or cultural implications. In the 19th century as the first global economic superpower, the globalisation is not new but is a product of the industrial revolution because of the superior manufacturing technology and improved global communications including steamships and railroads. But since World War II, the pace, scope and scale of globalisation have accelerated dramatically and especially in the last 25 years. To be globalised, the rapid spread of information technology and the Internet is changing the way companies organize production and increasingly allowing services as well as manufacturing.

To open their economies to the world, the globalisation is also being driven by the decision by India and China thus doubling the global labor force overnight. In the roles of trade, the trade has been the engine of the globalisation with the world trade in manufactured goods increasing more than 100 times in the 50 years since 1955 mush faster than the overall growth of the world economy.

REFERENCE:

http://news.bbc.co.uk/2/hi/business/6279679.stm

http://www.arubachamber.com/global-news/200-globalisation-shakes-the-world

http://tc-press.blogspot.com/2007/01/globalisation-shakes-world.html

http://www.ofs.edu.sg/BACCpacks/Business_organisation_student/page_151.htm