The purpose of the article was to show the importance of globalization for modern economies. Presenting the concept of globalization and its essence makes an assumption that it affects all aspects of human activity legitimate. Globalization is a multi-threaded term consisting of complex processes. The article presents various definitions of this concept and division of economic globalization factors. However, their clear division is not possible, because they occur in cause and effect relationships. The effects of globalization felt by individual entities depend on the degree of economic development or qualifications. The problem of the ambiguity of the impact of globalization on the modern world lies not in globalization itself but in the way it is interpreted. The article also presents globalization after 2008 and possible scenarios for the future stage of globalization.