In simple terms, globalization is the process by which people and goods move easily

across borders. Principally, it's an economic concept – the integration of markets, trade and
investments with few barriers to slow the flow of products and services between nations. There is
also a cultural element, as ideas and traditions are traded and assimilated. Globalisation is a
multi-dimensional process. Economically, it simply means opening up of national market, free
trade and commerce among nations, free flow of labour, capital and technology, and integration
of national economies with the world economy. Politically, it means limited powers and
functions of state, more rights and freedoms granted to the individual and empowerment of the
private sector. Culturally it means exchange of cultural values between societies and between
nations; and ideologically, it means the promotion and spread of liberalism and capitalism.

Globalization is immensely affecting economic, social and political aspects of the world.
In Social, Globalization has led to increased focus on machinery and less emphasis on face-to-
face communication. Before the advent of communication, people gave priority to physical
contact compared to nowadays where everybody prefers the use of communication devices to
convey pieces of information to one another. In Political, Globalization has favored countries to
have dominion and control the world. They have financial muscle, machinery for mass
destruction and technical expertise. They use these to maneuver their political agendas all over
the world. This has led to the emergence of countries.

Globalization is the way to go for the world to continue in its journey of development.

One of the important characteristics of globalisation is free trade between counties. It also
means absence of excessive governmental control over trade. Under globalisation, there also has
connection or connectivity. The localities being connected with the world by breaking national
boundaries; forging of links between one society and another and between one country and
another through international transmission of knowledge, technology, ideas, information,
literature and culture.

Globalization has brought many benefits to many people. But not to everyone. It simply
means that it has advantages and disadvantages. One of the advantages of Globalization is it
helps to boost the long run average growth rate of the economy of the country through
improvement in the allocative efficiency of resources, Increase in labour productivity and also
Reduction in capital-output ratio. For disadvantages, Globalisation has been slowing down the
process to poverty reduction in some developing and under developed countries of the world
and thereby enhances the problem of inequality. While many have been lifted out of poverty, not
everybody has benefited. Many argue that globalization operates mostly in the interests of the
richest countries, with most of the world's collective profits flowing back to them and into the
pockets of those who already own the most. Although globalization is helping to create more
wealth in developing countries, it is not helping to close the gap between the world's poorest
and richest nations.