i. Globalization is a multi-dimensional concept. It has its political, economic and cultural aspects. It is neither purely economic nor a purely cultural phenomenon.
ii. In Globalization the crucial element is the ‘worldwide interconnectedness. e.g.,
a. Movement of capital from one place to another.
b. People moving in search of better livelihoods to different parts of the world.
c. Commodities being traded across borders.
iii. The disintegration of USSR helped in spreading Globalization around the world
a. With the disintegration of USSR and fall off communist regimes in East European countries the ideology of communism was replaced by the ideology of capitalism.
b. The spread of capitalism to the Second World further speeded up the process of globalization.