1) Globalization
began during 1870 to 1914.
2) It
granted momentum after Second World War.
3) In 1944,
World Bank and International Monetary Fund were established which provided
foreign currency.
4) Every
nation became a part of global market by abolishing restrictions on foreign
trade.
5) After
1990, the rules were made easy and restrictions about financial matters were
reverted.
6) To
implement liberalization, fields like banking, transportation, electricity,
etc, were privatized.
7) Due to
privatization, profit increased in which public sectors lagged behind.
8) Also,
due to computerization the world has come closer and has become a global
market.
9) Though globalization is associated with economy
it is also transforming drastically the social, political, educational and
cultural fields.
