Dramatic changes occurred in the world precipitated by the end of the prolonged cold war. A world that was hitherto driven by the division on ideological grounds was to be integrated by markets and technology, termed globalization. The objective here is to look at the divergent views of globalization. Also, the paper focuses primarily on the concept of globalization, its genesis and the reasons for globalization of the world. The paper also examines the impact of globalization on the world economically, politically, socially, culturally and technologically. Appraisal of the advantages and disadvantages of turning the world into one global village is also another area of focus of this paper. The paper concludes that to understand the concept of globalization, people of all nations need to understand how globalization works and the policy choices facing them and their societies