The concept of a 'global village' has raised eyebrows since its popularisation in the 90's.

Many describe globalisation as the shift of companies in America to countries with cheaper workforce, the best example being India.

However, economists beleive that it has a wider implication. It could be described as 'a division of economic prowess towards the east'.

John Gray, Professor of European Thought at the London School of Economics, says that "like any other large historical change rooted in technological development , globalisation will have both good and bad aspects".

BBC further discusses the impact of globalisation.