Globalization refers to the processes by which a company brings its business to the rest of the world. Internationalization is the practice of designing products, services and internal operations to facilitate expansion into international markets.

Literature majors can pursue a variety of careers upon graduation. With strong reading, writing, and communication skills, they can work in many different fields, including journalism, marketing, and public relations. This creative application of the degree involves ample research, writing, editing, and networking.

Reterritorialization is when people within a place start to produce an aspect of popular culture themselves, doing so in the context of their local culture and making it their own. An example would be the Indonesian Hip Hop.

The role of the mass media in the globalization of culture is a contested issue in international communication theory and research. Early theories of media influence, commonly referred to as “magic bullet” or “hypodermic needle” theories, believed that the mass media had powerful effects over audiences.

Economic liberalization is generally thought of as a beneficial and desirable process for developing countries. The underlying goal of economic liberalization is to have unrestricted capital flowing into and out of the country, boosting economic growth and efficiency.

Advantages of Liberalisation :- 1 Increase in foreign investment. 2. Increase in efficiency of domestic firms. 3. Rise in the rate of economic growth.

Disadvantage of liberalization

• Increase Dependence.
• Loss in domestic unit.
• Unbalanced economy.

The main objectives of the liberalisation policy are as follows:

• To increase international competitiveness of industrial production, foreign investment and technology.
• To increase the competitive position of Indian goods in the international markets.
• To improve financial discipline and facilitate modernisation.

Lund echoes the arguments discussed previously: that free trade causes global inequalities, poor working conditions in many developing nations, job loss, and economic imbalance. But, free trade also leads to a “net transfers of labor time and natural resources between richer and poorer parts of the world,” he says.

Freeing trade frequently benefits the poor especially. Moreover, developing countries would gain more from global trade liberalization as a percentage of their GDP than industrial countries, because their economies are more highly protected and because they face higher barriers.

An increase of one percentage point in the share of trade in GDP raises income level by 0.9% to 3%. Nevetheless, a policy of trade liberalisation alone will not guarantee income and productivity growth. Economic growth is an extremely complex phenomenon, and trade is only one contributor, interacting with many others.

Trade has been a part of economic development for centuries. It has the potential to be a significant force for reducing global poverty by spurring economic growth, creating jobs, reducing prices, increasing the variety of goods for consumers, and helping countries acquire new technologies.

International trade allows countries to expand their markets and access goods and services that otherwise may not have been available domestically. As a result of international trade, the market is more competitive. This ultimately results in more competitive pricing and brings a cheaper product home to the consumer.

Underlying the WTO’s trading system is the fact that more open trade can boost economic growth and help countries develop. In addition, the WTO agreements are full of provisions that take into account the interests of developing countries. Over three-quarters of WTO members are developing or least-developed countries.

Martin Khor argues that the WTO does not manage the global economy impartially, but in its operation has a systematic bias toward rich countries and multinational corporations, harming smaller countries which have less negotiation power.

The WTO’s global system lowers trade barriers through negotiation and applies the principle of non-discrimination. The result is reduced costs of production (because imports used in production are cheaper) and reduced prices of finished goods and services, and ultimately a lower cost of living.

A membership that pays off: The USA, China and Germany are the countries that benefit the most worldwide from their accession to the WTO. They achieve by far the largest income gains, which are directly attributable to their membership in the trade organization.

Membership : 159 countries are currently members of the WTO. The following 24 countries are currently negotiating their WTO membership (by date of application).