Globalisation refers to the growing convergence of national cultures, economies and political systems and the growing interdependence of countries worldwide. Globalisation refers to the growing interdependence-of countries worldwide through increased trade, increased capital flows and the rapid diffusion of technology. Globalisation is focused on the growing convergence of national cultures, economies and political systems.

• The ability of individuals to enter into transactions with individuals and organisations based in other countries.
• The increased importance of global economic policy relative to domestic policy.
• The rise of globally linked and dependant financial markets.
• The reduction in importance of local manufacturing.
• Reduced transaction costs through the developments in communications and transport.
• The rise of emerging, newly industrialised nations                                                                                                          (Any 4)

• Financial factors such as developing world debt. Often, lenders require the initiation of economic reforms as a condition of the loan.
• Country/continent alliances: such as those in ECOWAS and AU which foster trade and tourism.
• Government policy: in many countries this seeks to control the balance of payments by discouraging imports, thereby encouraging globalization.
• Legal factors such as patents and trademarks, which encourage the development of technology and design.
• Markets trading in international commodities. Commodities are not physically exchanged; only the rights to ownership. A buyer can, thanks to efficient systems of trading and communications, buy a commodity in its country of origin for delivery to a specific port.                                                                                                                                                               (Any 4)