While describing the comprehensive nature of the recent wave of Globalisation. Riccardo patrella provides an insight into the different characteristics of the Globalization process. He writes ¿the principal characteristics of Globalisation consists of the following: the globalization of financial markets. The internationalization of corporate strategies in particular their commitment to competition as a source of wealth creation the diffusion of technology and related Research and Development and knowledge worldwide. The transformation of consumption patterns into cultural products with worldwide consumer market the internationalisation of the regulatory capabilities of national societies into a global political economic system. The Diminished role of national government in designing the rules of global governance.11 The term liberalization has four parameters. They are reduction of trade barriers free flow of capital among nation-states, free flow of technology and free movement of labour force in different countries of the world. Developed countries who are the advocates of globalization define the term globalization in terms of only the first three parameters of liberalization.