Globalization is a development that has affected the modern world. The concept of globalization includes connecting the world on all levels – including infrastructure, financial, media, virtual and economic as well as many others. The topic of this work will be the analysis of the different ways globalization affects economics. With increased connectedness, the world has become one giant market. A growing number of multinational companies have arisen, which operate in almost all countries. International trade of goods and services has never been higher. In addition to easier flow of goods and services, there is likewise a simpler and faster movement of goods. As a result, firms find it easier to employ adequate people for their respective job positions. The second half of 20st century saw the creation of numerous international organizations, such as the World Bank, EEC (now known as the European Union), IMF and the United Nations. The creation of these institutions is one of the consequences of globalization. The aim of the aforementioned organizations is to aid the development of countries in transition and the countries that are about to being their process of transition. Furthermore, they seek to solve the problems of unequal bargaining positions of different countries in the global market as well as ensuring that the set of international rules and standards are adhered to equally by all the players in the global market. The process of globalization is nowhere near finisher. Hitherto, it has mainly benefited the global economy. The question is what will globalization bring to the future? According to some theorists, globalization is the only thing that can save mankind.