Globalisation : It means the integration of economies worldwide through trade, financial flow, technology and information network. It refers to the growing economic interdependence of countries worldwide through the cross-border transactions in goods and services.
Components of Globalisation:
(i) Free flow of technology.
(ii) Free movement of labour force among different countries of the world.
(iii) Free flow of capital among different countries.
(iv) No restrictions on foreign investment.
(v) Reduction in trade barriers.