Abstract

Globalization is a phenomenon which has existed for centuries, whether acknowledged or not, and has continued to influence the world as a whole throughout the years. Throughout it has been called an essential and inevitable idea which could magically change the world and heal it. Globalization after its official recognition in the 1900s has especially helped the world grow as a whole and helped to develop itself in different dimensions such as economic development and technological advancements, it has continued to promote inter-country relations and continues to advocate interaction among them. The countries of the world have come together and have started to live with each other, trade has boomed and technology has developed and economies are in much better shape. Despite this, there are still problems that persist and some of these problems have arisen due to globalization itself. Today the environment faces severe repercussions as a somewhat direct result of globalization, there is an ever increasing gap between the rich and the poor, which entails that globalization is not the ideal solution to all world problems that exists. The aim of this study is to understand this impact of globalization on the world and how it has changed the world view in the years of its existence, whether it is truly a magically idea that cures all worldly issues or it has its own shortcomings and there is a need for further improvement in the future.

Keywords: Globalization, Economies, Technology, World trade, Global village