Globalization is a term which was very much being worked upon by the economist’s world-wide and it has been emerged as a changing phase of the trade. Globalization means the process by which businesses or other organizations develop international influence or start operating on an international scale. the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets. According to the reports and surveys Globalization has been mostly evolved by 2000 year which is also called as millennium era.
Globalization has many faces. Because of globalization there is a significant increase in sales and volumes of business in goods and services among the industry. Globalization has reduced the boundaries and reduced barriers of trade. Globalization has effected every industry on a large scale, either its prices or competition. Be it’s a field of cultural, or food industry or the technological or any other industry. There are several dimensions of globalization; technological, cultural, political, economic and spiritual which are crucial to progress. The affects globalization has to these dimensions can be viewed as advantages or disadvantages to the world’s progress. Trade has driven economic growth in developing countries