Conceptual analysis of globalisation

According to the International Labour Organisation (ILO) of the United Nations, “Globalisation is defined as a process of growing interdependence between all people of this planet. People are linked together economically and socially by trade, investments and governance by market liberalisation and information, communication and transportation technologies”.

The integration of markets, nation-states and technologies enables an individual, corporations and nation-states to reach around the world farther, faster, deeper and cheaper than ever before and, also, to enable the world to reach individuals, corporations, and nation-states farther, faster, deeper and cheaper. Globalisation is defined as a concept which refers both to the compression of the world and the intensification of consciousness of the world as a whole (Guinness, 2003:2).

Globalisation can be described as a continual exchange of economic, cultural and social elements across the world. These exchanges provide economic trade and this in turn spurs cultural awareness and increases social interaction globally. Globalisation is often more of an economic definition especially because of the melting pot of trade between different countries. This international market is characterised by foreign investment, capital monetary flows between countries, technology and labour migration.

The phenomenon of globalisation has captured the world attention in various ways. This is the information superhighway to the international trade. The subject of globalisation has come to concern all and sundry. The core of most discussions of the issue is the extraordinary explosion of both technology and information, in ways that have considerably reduced the twin concepts of time and space. In particular, information and communications technology (ICT) has emerged as perhaps the most dominant force in the global system of production, albeit with significant ramifications in all other spheres of contemporary human existence. The rate of technology change in moving goods and services and knowledge cheaply and rapidly across the nations has continued unabated and to the extent of even accelerating (Bhagwati, 2004:10).

Representative APR 391%. Average APR for this type of loans is 391%. Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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