The term “globalization”, according to Helleiner (2000), as too frequently used, confuses two totally different phenomena. The first, as to his classification, is the shrinkage in space and in time that the world has experienced in consequence of the technological revolutions in transport, communications and information processing. He explains that for a good many of us, though by no means all, the world has become a much smaller place. References to our “global village” or “spaceship Earth” or, more prosaically, “the global economy”, according to him, capture the reality that what some of us may do in one part of the world carries greater impact on other parts of humanity and does so much more quickly than once was the case. This new technology-driven “globalization” is, as to him, the new reality to which we all are trying to adapt. There truly is no escape from it, as he added.
TABLE OF CONTENTS
1. GLOBALIZATION AND ITS CONCEPTUAL RELATIONSHIP WTH PERFECTLY COMPETITIVE MARKETS..
1.1. Globalization-basic concepts
1.2. Conceptual relationship between globalization and perfectly competitive markets
2. GLOBALIZATION'S REALITIES AND CHALLENGES TO DEVELOPING COUNTRIES.
2.1. Realities of globalization
2.2. Challenges to developing countries
3. SOLUTIONS
REFERENCES.
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