Let us consider the globalization impact on business: Globalization has generated a fair chance in competition for all businesses in the world. Unfortunately middlemen or brokers have suffered as businesses have started dealing directly with each other. Businesses have much larger selection for goods they would like to purchase. As a result, prices have become very competitive.
Now the impact on society: Cross cultural exchanges are occurring on daily basis. So people are becoming more aware of political systems of other countries and it allows them to compare their system with other systems. Social taboos are being ripped apart because of knowledge gained by people from people of other countries. As a result, cultural barriers get shattered as well. Last but least, people have a much larger selection of consumer goods and other goods so that heir lifestyle is changing and becoming more comfortable.