Globalization is referred to as the international inter-reliance between different countries and its people. It’s a recently coined term and defines a process which has grown steadily before 1980’s but rapidly after 1980’s. This accelerated growth is because of recent technological and modern advancements. Merging of financial markets, accessibility of travel and the concept of global village also contributed to this accelerated growth. This movement describes the transfer of expertise between different continents that has boosted the processes of human innovation, creativity and technological progress. Globalization has been a real force behind the development of some emerging economies i.e. India and China.

These economies improved only when their products, services and expertise flooded the global market. Globalization is virtue for some whereas some countries due to their own mismanagement haven’t converted the opportunity to prosper.

So, there are a two sides of the picture of globalization. For some it holds the key to economic reformation while others have a hostile view for globalization as it disturbs balance of trade, concentrates wealth and slows social progress although they accept the fact that globalization is necessary for overall world development. Only those under-developed economies are emerging that can face the risk of globalization as there are risks of volatile capital movements and poverty.

Globalization hasn’t put an end to poverty globally. In some South Asian countries, it had an inverse effect: fewer jobs, more unemployment and ever-increasing inflation. In view of some anti-globalizationists, developing countries must unite together to free themselves of different sanctions and taxes but at the end of the day it will be again globalization among these countries that will lead to their prosperity.

There are many different aspects of globalization. Trade is the foremost tool of globalization from ancient time. The very first form of globalization was the trade which is known as the batter or exchange system. People from far and distant countries used to exchange their things among themselves. Nowadays, trade has become an integral part of globalization as relationship between different countries can be reflected between the balance of trade that exists between them.

Developing countries such as Southern Asian and Far East Asian countries have increased their share to 29% out of the world’s share.

Capital movement i.e. capital inflow and outflow is also a major aspect of globalization. Richer nations are investing their money in poorer countries for lower labor cost and quality work, thus increasing the margin of profit and posing competitive challenge to their rivals. In the other way, poorer countries by getting finance are building their infrastructure and curbing unemployment and poverty. Therefore, a bilateral relationship exists and global organizations are diversifying their product to increase their profit scale e.g. Pepsi and Coca-Cola are the two big organizations that have diversified their products and right know holds a bigger market share in international market.

Movement of people across the globe is one of the features of globalization. Expertise is exchanged between different countries. Most migration and immigration occurs from the under-developed and developing countries. Global wages and salaries are lucrative and attract the skilled labor. Moreover, when this skilled labor with all their expertise returns back to their origin, they can serve and train the country according to international standards.

Last but not the least, spread of knowledge and education is the most important aspect of globalization.  Information and expertise is exchange between different countries. As more people get learned, the cultural and racial differences are eliminated which on the whole is bringing the concept of one united world.

On paper, the developed countries are gaining more than developing countries but in reality it’s the developing countries which are getting more because of the relative difference. Government of these developing countries should work on their foreign policy and should take steps to enhance globalization