According to Held (2003), the concept of globalization is very recent; the term has existed throughout history. Globalization begins to take greater height from the Industrial Revolution some 200 years (eighteenth century) in England, which was the most developed country in the world for that time. Distinguished thinkers developed theories of international trade, which have survived all this time because they are right and consistent. These theories are based on what is called the principle of comparative advantage. According to them, each country should be devoted to producing those products which are better prepared than others.
Globalization is a process of economic, technological, social and societal scale, which consists of increasing communication and interdependence among countries of the world by unifying its markets, societies and cultures, through a series of social, economic and political that give a character overall. This concept is mentioned in Ringrose (2001). Globalization is often identified as a dynamic process produced mainly by the societies living under parliamentary capitalism or liberal democracy and which have opened their doors to the information revolution, folding to a considerable degree of liberalization and democratization in political culture in its legal system and national economic and international relations.
As Freidman (2000) mentioned that from the 1200-1700 A.D, globalization was a new-born concept. It was not so much progressed and developed. With the passage, of time it progressed to every corner of the world making it a global village. This process originated in Western Civilization and spread around the world in the last decades of the Modern Age (second half of the twentieth century) receives a major boost with the collapse of communism and the end of the Cold War and continues in the XXI century. The economy is characterized by the integration of local economies to a market economy where global modes of production and capital movements are configured on a global scale (New Economy) becoming more important role of multinational corporations and the free movement capital along with the final implementation of the consumer society. The law also feeling the effects of globalization and looks at the need to standardize and simplify procedures and national and international regulations in order to improve the competitiveness and legal certainty, in addition to universal recognition of, the fundamental rights of citizenship. As per Bullie (2007), the culture is characterized by a process that inter relates the local societies and cultures in a global culture (global village), in this respect there is divergence of views on whether it is a phenomenon of Western assimilation or multicultural fusion.
Positive Aspects of Globalization
Ringrose (2001) explained that globalization tends to invest more in developing countries so; there are immense opportunities that will arise for people of those countries. People of these countries will be able to succeed economically and increase their standard of living. Globalization compels every nation to produce creatively and innovatively. This makes every manufacturer concern about the production. It increases in competition and products are made at its ...