CHAPTER ONE1.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDYGlobalization is a comprehensive term for the emergence of a global society in which economic, political, environmental, and cultural events in one part of the world quickly come to have significance for people in other parts of the world.1 The term is also used to refer specifically to economic globalization in the context of integration of national economies into the international economy through trade, foreign direct investment, and capital flows, migration and spread of technology.2 It is the transnational circulation of ideas, languages, or popular culture through acculturation. Bhagwati Jagdish sees the globalization process as the result of advances in communication, transportation and information technologies as well the “growing economic, political, technological, and cultural linkages that connect individuals, communities, businesses, and governments around the world.”3 The term describes a process by which regional economies, societies and cultures have become integrated through a globe spanning network of communication.In the history of inter state relations, travels, trade and migration have been taking place for centuries. Even in the ancient and medieval world, international trading companies were formed, promoted and financed by states, governments and groups of individuals to explore and, at times, pillage and conquer distance and less ambitious ones. Globalization is a concept which is not new in the international trade, although in the world scene, it has been known by different names.4 Those who are conversant with the industrialization of Europe and America will recall the writings of Adam Smith in the Wealth of Nations where the doctrine of globalization and liberalization were enunciated.5

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