1.0 INTRODUCTION According to Robert J. Carbaugh (2011), the high degree of economic interdependence between today's economies reflects the historical evolution of the world economic and political order. By the end of World War II, the United States was economically and politically the most powerful nation in the world, a situation expressed in the saying, “When the United States sneezes, other nations' economies catch a cold.” But as time has passed, the U.S. economy has become increasingly integrated into the economic activities of foreign countries. Recognizing that global economic interdependence is complex and its effects uneven, the economic community has taken steps toward international cooperation. Conferences devoted to global economic issues explored avenues through which cooperation could be promoted between industrialized and developing countries. Developing countries' efforts to gain more from international trade and participate more fully in international institutions have been accelerated by the impact of global recession, industrial inflation and the burden of high-priced energy. In short, economic interdependence has become a complex issue in recent times, often resulting in strong and uneven impacts across nations and across sectors within a given nation. Businesses, workers, investors and consumers are all feeling the repercussions of changing economic conditions and trade policies in other nations. 2.0 GLOBALIZATION Globalization is the ongoing process that deepens and broadens relationships and interdependence between countries. Globalization is the process of increased interdependence between countries and their citizens. It consists of the greater interaction between product and resource...... at the center of the paper...... http://www.ask.com/question/difference-between-globalism-and-globalization [03 April 2014 ] 3) Hofstra University (nd) What is marketing? [online] available from < https://www.hofstra.edu/Academics/Colleges/Zarb/MKIB/mkib_about.html> [3 April 2014]4) Answer Corporation (2014) What is International Business [online] available from < http://wiki.answers.com/Q/What_is_international_business#slide=6> [03 April 2014]5) Carl Dahlman (2006) Technology, globalization and international competitiveness: challenges for developing countries [online] available from < http://www.un.org/esa/sustdev/publications/industrial_development/1_2.pdf> [03 April 2014]6) Emerald Group Publishing Limited (nd) Management Decision [online] available from < http:// www.emeraldinsight. com/journals.htm?issn=0025-1747&volume=24&issue=4&articleid=1669945&show=html> [04 April 2014]