Write the nature of Globalization?

1)       Globalization began during 1870 to 1914.

2)       It granted momentum after Second World War.

3)       In 1944, World Bank and International Monetary Fund were established which provided foreign currency.

4)       Every nation became a part of global market by abolishing restrictions on foreign trade.

5)       After 1990, the rules were made easy and restrictions about financial matters were reverted.

6)       To implement liberalization, fields like banking, transportation, electricity, etc, were privatized.

7)       Due to privatization, profit increased in which public sectors lagged behind.

8)       Also, due to computerization the world has come closer and has become a global market.

9) Though globalization is associated with economy it is also transforming drastically the social, political, educational and cultural fields.