GLOBALIZATION AND ECONOMIC CHALLENGES FOR SOUTH ASIA: THE CASE OF SRI LANKA
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Abstract
The common usage of words such as globalization and globalizing began only in the 1960s. Waters has defined globalization as "A social process in which the constraints of geography on social and cultural arrangements recede and in which people become increasingly aware that they are receding"1.
Therefore we could not find any common definition to the process of globalization. However it simply says that through the process of globalization, the world is narrowing the geographical distance between societies.
Globalization is the international integration of product and factor markets. The process of globalization began a long time ago, since the international movement of goods and persons became feasible. The process was facilitated by the philosophical inputs of various economists, thrust by international institutions and revolutionary developments in information technology. The seminal work of classical economists such as Adam Smith and David Ricardo on the absolute and comparative advantage of nations fuelled the process of globalization. The general agreement on Tariff and Trade (GATT) and the World Trade Organization (WTO) helped the process grow faster through efforts on bringing down border tariff and other barriers on the movement of goods and services and establishing the rule based on trade.2
References
http://www.infolanka.com/org/srilanka/cult/52.htm 13 http://www.infolanka.com/org/srilanka/cult/52.htm accessed on 16 January, 2016.
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