Overview There is a new socio-economic progression that seems to be unfolding throughout the entire planet. Its characteristics are global, demographic, economic, political, environmental, cultural, scientific and technological trends and interconnections. Together, these trends create what is known as the phenomenon of globalization. The most consistent aspects of globalization include the global culture, economy, and global science and technology. These aspects will be discussed in this essay in terms of modernization and development. The Global Economy The global economy is characterized by worldwide interconnected resources, innovations, manufactures, and markets. International corporations, backed by their respective governments, and international financial organizations such as the World Bank, the International Finance Corporation, International Monetary Fund, and the Asian Development Bank are the main actors of the global Economy (Boyd, 2005). Many small and medium-sized enterprises are also indir......

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