Economically, globalization involves goods and services, and the economic resources of capital, technology, and data.[2][3] Also, with the expansions of global markets liberalize the economic activities of exchange of goods and funds. Removal of Cross-Border Trades barriers has made formation of Global Markets more feasible. Globalization and its Impacts on the World Economic Development.[permanent dead link] The steam locomotivesteamshipjet engine, and container ships are some of the advances in the means of transport while the rise of the telegraph and its modern offspring, the Internet and mobile phones show development in telecommunications infrastructure. All of these improvements have been major factors in globalization and have generated further interdependence of economic and cultural activities around the globe.[4][5][6]

Though many scholars place the origins of globalization in modern times, others trace its history long before the European Age of Discovery and voyages to the New World, some even to the third millennium BC.[7][8] Large-scale globalization began in the 1820s.[9] In the late 19th century and early 20th century, the connectivity of the world’s economies and cultures grew very quickly. The term globalization is recent, only establishing its current meaning in the 1970s.[10]

In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactionscapital and investment movements, migration and movement of people, and the dissemination of knowledge.[11] Further, environmental challenges such as global warming, cross-boundary water, air pollution, and over-fishing of the ocean are linked with globalization.[12]Globalizing processes affect and are affected by business and work organization, economics, socio-cultural resources, and the natural environment. Academic literature commonly subdivides globalization into three major areas: economic globalizationcultural globalization, and political globalization.[13]