Globalization can in general be described as the growing interaction amongst integration of activities. This mostly affects economic activities of human societies around the world. Nevertheless more realistically, globalization refers to the increasing economic interdependence of countries or states internationally through the escalating amount and variety of cross-border relations and transactions in goods and services and of global capital stream. It is also through the extra speedy and widespread diffusion of technology. In this case therefore, globalization includes both a description and a prescription. This paper examines the economic and political dimension of globalization and tries to link them with development and
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Perhaps the most distinct characteristic of current globalization is the globalization of national policies and the policy making mechanisms. The national policies which include economic, social, political and technological aspects are until under the authority of the state in which they belong to. This has constituted to wearing down of national sovereignty and lessened the ability of the government and the people to make the choices from options in economic, political -social and cultural policies. This has led to political and economic implications (Kleniewski, 2010).
The World economy has become more globally integrated and has turned out to be a global village. Globalization has had many constructive, inventive and vibrant aspects all related to the increased market admission: Increased access to capital, information, technology and trade and these are projected to lead to better employment income and employment prospects. Globalization has brought about a quantum leap in trade, capital flow and movement of people. Trade flows have increased by 16-fold as a consequence of removal of trade barriers. Opening up international trade has aided many countries to develop far more rapidly than would otherwise do. Arguably, the world exports of goods and services have tripled in actual terms between 1970 and 2000. Despite