Abstract
Globalization is one of the most controversial topics in today's world. Globalization raises fears and apprehensions and the most prominent one that stands out is the growing power of multinational firms that bestows them with the right to retract jobs whenever and wherever they want. Globalization is regarded as one of the main causes of the increasing level of unemployment in Europe and in some other developed countries. In the 1990's, though the economists have depicted that only a small part of unemployment was due to globalization, the general population has not been able to gauge what the real reason could be. Globalization can also be described as the increase in the opportunity for business activities. Firstly, it depicts high growth in international trade (mainly goods and services but capital flows towards quite a few countries encourages foreign investments). Secondly it shows acceleration in information circulation and in technological progress.
