Globalisation and Developing Countries:

Globalisation is multidimensional, affecting all aspects of life economic, cultural, environmental and social including relating between nations of the world. However, the focus here is globalization from economic perspective.

Concept of Globalisation

From the economic perspective, globalization may be defined as the increasing interaction among, and integration of, the economic activities of nations around the world. Specifically, globalization is characterized by an intensification of cross-border trade and increased financial and foreign direct investment flows, promoted by rapid liberalization and advances in information technologies (Ajayi, 2001) and (Danas, 2001).