globalization is characterized with multi-faceted aspects. it sometimes helps in social and economic development. on the contrary, it hampers social and economic development on the whole. it increases interdependency; therefore, it is the main cause of changes in the international system. before the advent of globalization within the international spectra the personal roles and status were considered important. with its introduction personal activities, regarding the interdependency between the nations, the collective games have increased. therefore, the concepts of social and economic development have totally changed. those concepts are directly or indirectly reshaped or sometimes totally converted into the lobbies and whims of internationally controlled corporations, nongovernment organizations and global actors. this paper will review the process of globalization and its impact on international business which causes socio-economic development.