Globalization is a multifaceted phenomenon. The term Globalization is a controversial term and has been define in several different ways. Some concentrate on the monetary perspective and thus stress the worldwide economy standpoint, though some concentrate on the social parts of this phenomena and how globalization has effected different aspects of their culture, still others concentrate on the political parts of the structure of globalization, yet others liken globalization with advanced technology, particularly in the area of communication and transportation. Simply, it can referred as the openness of the economies through liberalization of trade, FDI, capital follows, immigration and the spread of technological knowledge.

The proponents of globalization emphasize on the argument that advancement of human beings, communication and melting of different nationalities play an important role. Another argument is that “liberalization leads to the growth and growth improves condition of the poor. Globalization really unites people all over the world, and thus promotes the societies and individuals to get benefit out of globalization rather than losing anything. Internet is one of the products of globalization, which can broaden people’s horizon on many topics. With the continuing removal of trade restrictions, people has access to services and goods, which has been produce in many economies.

Poor economies items from created nations are assaulting the neighborhood items. The neighborhood ones cannot contend with the foreign made ones both in the term of value or estimating. Another awful effect of globalization is that it is slaughtering different nation’s culture with the assistance of multinational organizations.

Openness of trade encourage by globalization and boost the developing economies. Removal of barriers help local industry to expend their consumer markets in global world. They increase their output and revenue as a result looking forward to add new technology and goods to attract foreign consumer. Another result of globalization decrease in unemployment and increase in poverty and income gap. It is also have positive impact on social sector such as enhancement in health and education facility. Negative impact is increase of unskilled labor in many economies.