Globalization is a term used to describe how trade and technology have made

the world into a more connected and interdependent place. Globalization also
captures in its scope the economic and social changes that have come about as a
result.
It may be pictured as the threads of an immense spider web formed over
millennia, with the number and reach of these threads increasing over time. People,
money, material goods, ideas, and even disease and devastation have traveled these
silken strands, and have done so in greater numbers and with greater speed than
ever in the present age.
Economic globalization is the increasing economic interdependence of national
economies across the world through a rapid increase in cross-border movement of
goods, services, technology, and capital.
Whereas the globalization of business is centered around the diminution of
international trade regulations as well as tariffs, taxes, and other impediments that
suppresses global trade, economic globalization is the process of
increasing economic integration between countries, leading to the emergence of a
global marketplace or a single world market.
Depending on the paradigm, economic globalization can be viewed as either a
positive or a negative phenomenon. Economic globalization comprises:
globalization of production; which refers to the obtainment of goods and services
from a particular source from locations around the globe to benefit from difference
in cost and quality. Likewise, it also comprises globalization of markets; which is
defined as the union of different and separate markets into a massive global
marketplace. Economic globalization also includes competition, technology, and
corporations and industries.
Globalization provides businesses with a competitive advantage by allowing
them to source raw materials where they are inexpensive. Globalization also gives
organizations the opportunity to take advantage of lower labor costs in developing
countries, while leveraging the technical expertise and experience of more
developed economies.
 With globalization, different parts of a product may be made in different
regions of the world. Globalization has long been used by the automotive industry,
for instance, where different parts of a car may be manufactured in different
countries. 
Globalization affects services too. Many businesses located in the United States
have outsourced their call centers or information technology services to companies
in India. Consumers benefit too. In general, globalization decreases the cost
of manufacturing. This means that companies can offer goods at a lower price
to consumers. The average cost of goods is a key aspect that contributes to
increases in the standard of living. Consumers also have access to a wider variety
of goods.
Not everything about globalization is beneficial. Any change has winners and
losers, and the people living in communities that had been dependent on
jobs outsourced elsewhere often suffer. Effectively, this means that workers in the
developed world must compete with lower-cost markets for jobs; unions and
workers may be unable to defend against the threat of corporations that offer the
alternative between lower pay or losing jobs to a supplier in a less expensive labor
market.
Regardless of the downsides, globalization is here to stay. The result is a
smaller, more connected world. Socially, globalization has facilitated the exchange
of ideas and cultures, contributing to a world view in which people are more open
and tolerant of one another.