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Abstract Globalization is closely associated with the increase in trade, movement of capital, foreign investment and technological developments. The increase in trade is a result of the specialization in line with the Classical Theory of Robert Torrens (1808), David Ricardo (1819) and Heckscher-Ohlin (H-O) (1919-1933). This increase in trade and specialization leads to the creation of work and employment opportunities. This however is dependent on the availability of Human Capital capable of achieving the development and the existence of adequate institutions in the country. The basis of the Growth and Development Theories of Solow (1956), Rostow (1960), Lewis (1954) , Romer (1986) can be traced back to 16th and 17th century and the systematic exploration of the causes of economic growth of Smith (1776). The foundations of modern economic growth theory can be traced as far back to Ibn Khldoun “Introduction to History - Mokademat” (1377). Despite the differences between these theories and the long history across the ages, the labor force i.e. the human element, remains the common fundamental element in all the theories. Several recent studies in the present and last decades showed a positive relation between the measures of Globalization in terms of trade, FDI, etc and growth, Derher (2006) |