Synopsis On a broader level Globalization is usually assumed to include all fields, cultural, economic, technological, etc. it is most commonly understood as a unitary process inclusive of many sub-processes (Such as increased economic interdependence, increased cultural influence, rapid advances in information technology, and novel governance and geopolitical challenges) that are increasingly binding people and the ‘biosphere more tightly into one global system. An example of a technology which enables globalization is the telephone, or any other communication technology for that matter. This makes the global transmission of messages easier. Email and the internet, specifically internet marketplaces, are other technological factors enabling contemporary globalization. Globalization of the economy depends on the role of human migration, international trade, movement of capital, arid integration of financial markets. The International Monetary Fund notes the growing economic independence of countries worldwide through increasing volume and variety of cross-border transactions, free international capital flows, and more rapid and widespread diffusion of technology.