"The globalization of economic affairs raises both hopes and fears. Some insist that it will further divide humanity between rich and poor Others say it will contribute to the spread of economic globalization. Edward J. O'Boyle (2003: 95) There is no doubt that globalization has increased international flows of trade, capital, information and people. Businesses are now just a click away from their customers and competitors around the world, which has generated undeniable wealth and opportunity and created millions of jobs. However, it also has some disadvantages. This paper studies the concepts of economic globalization and the knowledge economy. It also explores some of the advantages and disadvantages of globalization.Economic Globalization"Globalization is the widespread expansion of international economic activity. It includes the increase in international trade, the growth of international investment (foreign investment) and international migrations, as well as the increased creation of technologies among Globalization is the increasing 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 global economy of economic spaces delimited by national borders, international relations between these and global spaces where economic agents and markets. take on 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, and economics and finance. For example, the practice of purchasing a...... middle of paper ......developing and developing countries. However, economic globalization must be controlled within a boundary defined by the international community in order to reduce and avoid its disadvantages, mainly in terms of human rights. References and bibliography Edward J. O'Boyle, 2003, “Standards 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 of economic management are irrelevant” (Hirst, P and Thompson D Globalization in Question Blackwell 1998).