Business globalization and its impacts on emerging economies.IntroductionGlobalization is considered to be a development that has a profound effect on the economic subject as a whole, so it is the process that defines the current era. Frankel (2002), an economist, considers globalization as the most powerful process that helped shape the world economy about 40 years ago. Globalization is strongly characterized by the fact that national borders and distance no longer matter and business can take place anywhere in the world. For economic reasons, geography and the nation state no longer matter. South Africa joined the global economy in the early 1990s, when the process of globalization was beginning to gain momentum. Alongside adapting to the forces of globalization, the South African economy has had to manage the emergence of its market status. Globalization can be used to describe a number of events or changes happening around the world. Different economists have attempted to define globalization in different ways, but no precise definition is accepted. Mittelman (2000) views globalization as a variety of activities and processes and not as a single unified phenomenon. These activities and processes refer to how barriers are reduced between different nations. Thus, the globe can be seen as a global village in which space and distance disappear and there is a common pool of resources and a single community. The process of globalization encourages social, economic and political interactions. This therefore activates multiple levels of analysis in the economic, cultural, social and political domain. These areas play a vital role in giving new meaning to globalization. The world...... middle of paper ...... improve economic production by increasing process efficiency, globalization has also allowed large companies to realize their economies of scale, which reduces prices and costs. Although globalization is of great importance for any given market economy, it also has some negative effects. This includes: Globalization increases interdependence between different nations, which can cause global and regional instabilities. Globalization can also lead to national sovereignty, through the rise of different nation states, leaders may tend to become more xenophobic or nationalist. Finally, the benefits associated with globalization may be unfairly distributed among wealthy individuals and nations, which has led to the creation of greater inequalities and conflicts at international and national levels...