Globalization is a process of integration and interaction among people, governments and companies worldwide. As a multifaceted and complex phenomenon, it is considered a system of industrial extension which involves the integration of national and local economies into a global unfettered market economy. Globalization has grown due to advancement in communication and transport technology.
Economically, Globalization is a word used to define the emergent interdependence of world economies, population and culture, brought about by cross border trade in goods and services, the flow of information and investment, people and technology.
Globalization can raise the standard of living of less developed nations and people by providing improved access to advanced technology, job opportunities, modernization and best means of communication and transportation. Globalization is a political, cultural, social and legal phenomenon. Politically, the World Health Organization, World Trade Organization and the United Nations are the best examples of Globalization. World Trade Organization consists of 144 countries in the world. It is a worldwide organization that set up trade rules and regulations for international trade.
Socially, Globalization is one of the best means of interaction and communication among people worldwide due to advancement in technology. Culturally, it represents the exchange of values, ideas and artistic expressions among culture to culture. Legally Globalization has altered how international law is created and enforced.