"The globalization of economic affairs evokes both hopes and fears. Some insist that it will further divide humanity between rich and poor. Others argue that it will help the spread of economic globalization development". Edward J. O'Boyle (2003:95) There is no doubt that globalization has increased the international flow of trade, capital, information and people. Businesses are now just one click away from their customers and competitors around the world and this has created undeniable wealth and opportunity and created millions of jobs. However, it also has some drawbacks. This paper investigates the concepts of economic globalization and the knowledge economy. It also explores some advantages and disadvantages of globalization. Economic Globalization"Globalization is the widespread expansion of international economic activity. It includes increased international trade, growth in international investment (foreign investment) and international migration, and increased creation of technology between Globalization is the growing global integration of markets for goods, services, labor and capital".minneapolisfed.org/econed/essay/topics/glossary05.cfmHowever in the context of. economic globalization, "The problem is to understand the relative importance in the world economy of the economic areas enclosed within national borders, the international relations between these and the global areas in which economic agents and markets assume global dimensions" Edward J. O' Boyle (2003). In the 21st century, the new phase of globalization has been consoled by factors such as international politics, science and technology, economics and finance. For example, the practice of purchasing a… paper medium… is booming in developing countries. However, economic globalization should be controlled within the boundaries defined by the international community in order to reduce and avoid its disadvantages, especially in terms of human rights. References and bibliography Edward J. O'Boyle, 2003, 'Norms for assessing economic globalization', International Journal of Social Economics, 30(1/2), pp. 95-115.http://www.emeraldinsight.com/Clarke, T, 2001, 'The knowledge economy', Education + Training, 43(4/5), pp. 189 -196http://www.emeraldinsight.com/Castells, M 2000, The rise of the network society, 2nd ed., Blackwell Publishing, UK. “A truly global economy is said to have emerged, in which distinct national economies and therefore national strategies for economic management are irrelevant” (Hirst, P and Thompson D Globalization in Question Blackwell 1998).