Globalization is a process and not a single event. It is a means to improved well-being. It increases the percapita income, improve quality of life, lower the illiteracy rate, augment life expectancy, and reduce infant mortality. Cheap transportation, policy oriented tariff cuts, progress in computer technology, telecommunications and the Internet drove the globalization process. It is process that drives the enterprises strategic reach. Further the process of liberalization and economic reform started in developing countries attracted capital flows for higher returns. It has carried along burden like poverty, continued degradation of environment, increased informalization of economies, increased volatility of national economies. IMF and World Bank have to effectively help the nations to improve the state of the poor. Further globalization has to set its forces that discourage segmentation and promote economic integration. Global federation may be a distinct aim at present. But the progress towards harmonization of international policies and coordination to obtain the benefits of globalization forecast the blatancy of the process.