Meaning and Importance: Globalization is the process of integrating the economy of the country with world economy. It is a movement towards greater interaction, integration and interdependence among people and organization across borders. The strongest manifestation of globalization has been the increasing economic integration among countries in trade and investment. 

The importance of globalization is as follows :

(a) Efficiency: Globalisation focuses on the best quality of services and goods. It encourages the global trade and commerce. It increases competitive nature which makes firms more efficient.

(b) Transformation of technology: Through this technology, improvements are made all over the world. As a result, all countries can reap the benefits of improved technology by enhancement in income and increase in jobs.

(c) A global village: The concept of global village mainly brings a feeling of one as among the citizens of the world. Contacts are made easily accessible through technology and communication.

(d) Mobility of labour force: It allows free movement of people in search of jobs or getting education at global level. Hence mobility is made simple and easy.

(e) Emerging global competition: Global competition is emerging as a result of growing skill and techniques. The world is looking for better opportunities and performance at competitive rates.

(f) Outsourcing: This is an important outcome of the globalization process. In outsourcing, a company hires regular service from external sources and from other countries.

Political implications :

The political implications of globalization are as follows: 

(a) Power subjugation: The effects of globalization brought lots of changes in the world economy. For small countries it is inevitable to accept the economic decisions of big countries, which leads to power subjugation.

(b) Affects sovereignty: As a result of globalization in the fields of economy, trade, transportation, etc. the sovereign countries are bound by the decisions of strong countries. Hence it affects the sovereignty of a country in totality.

(c) Cultural invasion: Culture is a complex thing and exclusive to each country. The influence of globalization in the name of cultural exchange not only invades but also degenerates the youth who are the architects of the future.

(d) Enslavement of lifestyle: Globalization has largely affected the younger generation. Food habits, general behavior’, mutual relationships, respect to elders, human values and ultimately the whole generation has become slave in the clutches of globalization.

(e) Elimination of subsidies: The major impact of globalization is the curtailment of subsidies to all sectors including agriculture in a phased manner. The worst-hit are the peasants who are the backbone of the country.

(f) Political instability: The impact of globalization mainly is economic depression, boom or even recession which directly affects the political stability of a country. Hence development comes to a standstill.