Introduction:
Globalization is a complex and multifaceted phenomenon. It is the process of international integration as a product of exchange of world views, products, ideas and other aspects of culture in which worldwide exchange of national and cultural resources occurs in the process. Many factors contributed for the growth of globalization major being advancement in transportation and communication. The current wave of globalization is nothing but the result of Schumpeterian evolution in technology along with interaction of many actors at different levels of the economy. Globalization means different for different people. For some it creates positive political, economic and technological progress. For few globalization is hegemonic and antagonist to local and national economies. Globalization has changed situations in such a manner that power of state is determined by power of firm. If the goal of globalization was more liberal exchange of goods, services, labor, thoughts etc which in later stages would make world uniform, then there is no space for identity. Globalization is not a debate about divergence or convergence, but it is a dialectical process which can both integrate and fragment along with creating both winners and losers. Today what we see is the downside of globalization.
