Abstract: “The term globalization refers to a historical process of integration of economies throughout the world enabled through movement of capital, labour and technology (knowledge) across international borders. Globalization is a wider term and encompasses social, cultural, religious as well as economic aspect. However, it is only ‘economic globalization’ that is widely referred to unless stated otherwise. Also, it is called a historical process as it has evolved over centuries as a direct result of technological progress and human ingenuity. In fact, the earliest though there’s no agreed starting point, mention of the whole world as ‘one’ came from an Indian saint who coined the phase ‘Vasudheva Kutumbhkam’ thousand years ago. Moreover, the earliest civilizations including the Roman, Egyptian and Chinese and the Mohanjodaro and Harappa resembled the modern day – free trade economists. In fact, they owed most of their prosperity and flourishing trade to free trade”

Keywords: Globalization, Liberalisation, Privatisation, Welfare Economies Developing Economies are used interchangeably.