Globalization as an economic, social, political and cultural process is interpreted through the transformation of living conditions and represents the interdependence of certain parts of the contemporary world. Namely, when it comes to globalization as an economic process, the synonym is found in the growing interstate market and production of individual countries affected by the exchange of goods and services, as well as financial and technological flows. On the other hand, the social context of globalization is largely accompanied by criticisms and disproportions, given the increased economic inequality and the power of a private monopoly. The political process of globalization calls into question the traditional role of national states and its proper understanding of sovereignty, while the cultural context implies the spread of multiculturalism and calls into question the cultural heritage and values of peoples or states. Through this work, the notion of globalization, its value and its impact on the world is expounded. The notion itself carries different meanings. At the same time, globalization is characterized by both positive values and negative connotations. Namely, the paper also mentions the notion of so-called welfare state that attributes most of its current problems to the structural change of the world economy system, which is for individuals and a synonym for globalization. These changes greatly restrict (and even tend towards a complete abolition) of the power of national states to function, so these, even they want, (more) are unable to provide their citizens with what they have become accustomed for decades. Today, supranational capital does not have much grace for social policy, equal care for all sections of the population, especially for those who are unable to generate profits. The growing dissatisfaction of the masses that are occurring on these occasions is directed at their governments whose hands are related.