CURRENT PATTERNS OF GLOBALIZATION:

Globalization is widely conceived as a process which is essentially driven by economic and

technological forces – increasingly global markets for goods and capital, new communications
technologies which reduce the natural barriers of time and space (World Commission report, p.24).

Globalization is not only about increased international trade and capital flows. But macroeconomic
changes are themselves associated with changes in the organization of production at the global
level (Hayter, 2004).

The global economy has grown continuously since the Second World War. Global growth has
been increased by a change in the pattern of trade, which reflects many changes in structure of the
global economy. These changes include the rise of regional trading blocs, deindustrialization in
many developed economies, the increased participation of former developing countries, and the
emergence of China and India.