Definition of Globalisation :

This is the integration of economies, industries, markets, cultures and

policy-making around the world.
Globalisation describes a process by which national and regional
economies, societies, and cultures have become integrated through the global
network of trade, communication, immigration and transportation.
In the more recent past, globalisation was often primarily focused on the
economic side of the world, such as trade, foreign direct investment and
international capital flows, more recently the term has been expanded to include
a broader range of areas and activities such as culture, media, technology, sociocultural, political, and even biological factors, e.g. climate change.
After the fall of the Berlin Wall, some talked about the rise of a one
world way of doing business and living, but more recent events have suggested
that those thoughts were misplaced as we see the success of a number of varying
economic and national systems.
Advantages of Globalization:
Resources of different countries are used for producing goods and
services they are able to do most efficiently.
Consumers to get much wider variety of products to choose from.
Consumers get the product they want at more competitive prices.
Companies are able to procure input goods and services required at most
competitive prices.
Companies get get access to much wider markets
It promotes understanding and goodwill among different countries.
Businesses and investors get much wider opportunities for investment.
Adverse impact of fluctuations in agricultural productions in one area can
be reduced by pooling of production of different areas.
Disadvantages of Globalization:
Developed countries can stifle development of undeveloped and underdeveloped countries.
Economic depression in one country can trigger adverse reaction across
the globe.
It can increase spread of communicable diseases.
Companies face much greater competition. This can put smaller
companies, at a disadvantage as they do not have resources to compete at
global scale.