Globalisation is the process of international integration arising from the interchange of world views, products, ideas and other aspects of culture. The term globalisation has been increasingly used since the mid-1980s and especially since the mid-1990s. It is currently a popular and controversial issue, though often remaining a loose and poorly defined concept. Sometimes too comprehensively, the term is used to encompass increases in trade and liberalisation policies as well as reductions in transportation costs and technology transfer. Economic globalisation, the ongoing process of greater economic interdependence among countries , is reflected in the increasing amount of cross-border trade in goods and services, the increasing volume of international financial flows, and increasing flows of labour. Economic development is the sustained, concerted actions of policy makers and communities that promote the standard of living and economic health of a specific area. It is a wealth spent on country's population. Economic development can also be referred to as the quantitative and qualitative changes in the economy. The scope of it includes the process and policies by which a nation improves the economic, political, and social well-being of its people. It is hoped that the present edition of this book will be beneficial to all concerned of the society in general and students, lawyers, advocates, academicians, human rights institutions, researchers and NGOs working in economics finance field, in particular.
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