In recent years the globalization process has accelerated due to various factors such as the increase in manpower, capital mobility and technological progress. Global travel has become easier due to improved transportation. There has been rapid growth in air travel enabling the movement of people and goods around the world. People are more willing to move to different countries in search of job opportunities. Global trade provisions now play a key role in transfers from developed to developing countries. In recent years there has been a general reduction in capital barriers making the flow of capital between different economies easier. The expansion of multinationals with global presence has also led to the merger of various economies. Financial systems are also becoming increasingly global. For example, when the United States suffered the mortgage crisis, this affected most banks in other countries that had purchased financial derivatives from US banks. Due to the increased growth of global media and technology, it is easier to communicate and share information across the world. There is a growing exchange of cultural models and ideas around the world. The people of the world are incorporated into one world society. He promoted trade liberalization of various national economies. Therefore major economic decisions in today's world are influenced by global conditions. Globalization refers to the process of removing officially imposed restrictions on the movement of goods between countries to promote an open and borderless world economy (Scholte, JA 2008). Globalization is the triumph of capitalism on a universal scale over nationalist and local sovereignty. Globalization is more than a purely economic phenomenon occurring worldwide