In the beginning the world was one and a united community. The birds flew freely across the seas, rivers and oceans. Men dominated the world and reigned over it. Each individual specialized on a single product and exchanged his surpluses with the surpluses of others. Men multiplied in number and partitioned themselves into groups. Multicultural differences, ethnicity and languages separated the world. As time went on, nationalism sprang up. These virtues or vices created artificial boundaries that restricted free movement and trade among the people of the globe. The return to the original norm and borderless community is what we call globalization. Globalization as we can see attempts to restore most of the attributes lost in the process of multiple creation of artificial boundaries. The advancement of technology brought in Information Technology. Information Technology has to a great extent facilitated information flow and international relationship. International politics has become more flexible and stable. Economic Depression has been a recurrent affair over the centuries. One thing certain is that when the key countries of the globe like the United State is economically struck, other countries linked up economically will be adversely affected. This does not suggest that the principal cause for the spread is globalization. The Industrialized nations gain through expanded demand and marketing network. The developing Economies also gain through exchange of expertise, improved welfare packages and exchange of improved commodities. Sports and music assist in uniting the world. Globalization assists in the war against racial discrimination, injustice and religious fanaticism. Globalization has also been a corner stone in eliminating the effect of international disaster, rescue operations and humanitarian services. The G 7 Summit holding in Germany in exclusion of Russia is an attempt to resolve salient strategic issues revolving on world peace and conflicts. Russia acts as tranquilizer but they should be careful to contribute and conform to global peace. Certainly there are some miscellaneous defects resulting from the process of globalization but the over whelming benefits justify its continued application.
Keywords: Economy, Global-business, Global-market, Globalization
