International Integration through the processes of Economic and Technological Globalization

          Globalization involves the diffusion of ideas, practices and technologies. It is something more than internationalization and universalization. There are many arguments for and against globalization. Many developing countries fear that increased globalization may lead to loss of control over economic and political decisions and may also threaten their traditions, language and culture. There is now interdependence of economies in regard to trading in goods and services and in movement of capital. So, domestic economic developments are not determined entirely by domestic policies and market conditions. Rather, they are influenced by both domestic and international policies and economic conditions. A globalize economy while formulating and evaluating its domestic policy has to take into consideration the policies and developments in the rest of the World. In this way national governments are constrained in decision making at the national level due to interconnectedness of economy. Due to new technologies there is emergence of global village and it has allowed the world economy to become a single interdependent system.