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The term ‘globalization’ has acquired considerable emotive force and it provoked a clash of viewpoints. Some view it as a process that is beneficial, a key to the future world economic development. It knits together the world and creates unity out of great diversity. On the other hand, some regard it with hostility and even fear, believing that it increases inequality within and between nations. To them, globalization threatens employment and thwarts social progress. It also destroys the environment, sweeping away all that is healthy and meaningful to human existence. So, what actually is globalization? Globalization is considered by many to be the inevitable wave of the future. It is primarily an economic phenomenon and involves the increasing interaction and integration of national economic systems through growth in international trade, investments and capital flows. The word ‘integration’ derives from ‘integer’, meaning one, complete or whole. Integration is combining into one whole. Since there can be only one whole, it is logical that national economies disintegrate and develop into one global economy. However, one can also point to a rapid increase of cross border social, cultural and technological exchange as