there are divergent definations of globlizatiomn, many see it as primarily eonomic phenomenon , involving the increasing interaction , or intgration of national economic system through the growth in international trade , investment and capital flows . However one can also point to a rapid incresse in cross-border social , cultural and technological exchange as part of the phenomenon of globalization . The sociologist AnthaonyGiddens defines as decoupling of space and time , emphasing that with instantaneous cummunicatios , knowledge and culture can be shared around the world simualtenously . Rud Lubers defines it as a process in wich geographic importance in the establishment and maintanence of cross-bordr economic , political , and socio-cultural relations . Critics of globalization define the word quite differently , presenting it as worldwide drive to ward a globlized economic system dominated by supranational corporate trade and banking institution that are not acountable to democretic process or national governments . Globalization is an undeniably capitalist process . It has been taken off as a concept in the wake of the collapse of the soviet union and of socailism as a visiable alternate form of economic organisation .