Globalization
It is a term used for explaining how vastly various economies and the cultures have integrated themselves with each other with the help of communication, economic policies and transportation. With the help of technological advances and the outward looking policies of the government, an interdependence of different economies with each other has drastically raised. One of the perfect instances of this expressioniscreation of World Trade Organization. Made of nearly one hundred forty four countries, the organization for tradeis a foreign institution that set up regulations and rules for governing the international trading.