Department of Economics

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Globalization and the nations state
(3rd International Conference on Business Management (ICoBM), UMT, Lahore, Pakistan, 2013) Khalid Mahmood
The term 'globalization' is multi-dimensional. “A globalised world is one in which political, economic, cultural, and social events become more interconnected....by Globalization, we mean the increase of connectedness between societies” (Baylis, et al, 2008:8). As defined by Torres (2001) it is a process of rapid economic integration among countries driven by the liberalization of trade, investment and capital flows, as well as technological change. In other words globalization is intensification of economic, social and cultural relations across international borders. Therefore, globalization has led to the enhancement of interconnectedness and interdependence of countries. The interdependence is related to flow of capital and technology. The rapid dominance of globalization can be seen during the period of liberalism of the 19th century, the relative stability after the World War I and the golden years of the 1950s and 1960s. Towards this end, the WTO (World Trade Organization) was formed as a reincarnation of the ITO (International Trade Organization) after the World War II. With its formation, the principles of liberalism, multilateralism and nondiscrimination were achieved. This then shows a tendency towards globalism (Sugiura, 1999).