Globalization: Introducing the Concept

Abstract

During the past quarter century, the concept of globalization acquired a good deal of currency as well as involvement from various stakeholders. Its relevance and significance extends well beyond economists, to policy makers, politicians and to the general public at large. Therefore, it came to acquire considerable emotive meaning and force. The concept lacked one crisp and widely accepted definition. If anything, the term globalization is used as a portmanteau. It has become a cliché, a trite, and a stereotype expression that has lost its ingenuity through long overuse. Often in an imprecise manner, the term is used for description, approval, and disapproval. There has been a strong penchant to put any new idea, notion or change of fundamental nature under the rubric of globalization, and accordingly, the literature surrounding the subject is multidisciplinary at best, confused at worst.