Introduction Literally, globalization is an ongoing process that has the capability of transforming a regional or local phenomenon into an absolute global one and in the process of doing so helps in unifying the people of our world so that they can prosper and function together. Although the process of globalization combines a number of political, social, cultural, technological, and mainly economic forces, it is often referred to as economic globalization since it integrates the various national economies of the world into a unified international entity by spreading technologies, migration, foreign investments, trade, and capital flows. Over time, globalization has changed our world permanently and day by day its pace is quickening, making its substantial effects on business organizations a continuous one. Since the Second World War, due to the process of contemporary globalization, world leaders, mainly the western nations have tried to break down borders that hamper international trade. This ultimately encouraged and increased interdependence and prosperity among the various nations so that any chance of future wars can be eliminated. However, it appears today that these forces along with other significant economic powers are setting forward to establish hegemony through globalization. Thus, different aspects of globalization are needed to be evaluated in order to analyze this hegemony of significant economic powers. Discussion The process of globalization essentially causes market integration and also causes expansion in the world market universalizing both economic freedom and capitalism. Even before the First World War foreign investments and trade were moderately globalized. (Steger 2002) Also after the First World War, due to the presence of lesser political obstacles to the labor markets and international migration, the presence of globalization was far reached. During the First Era of Globalisation, most of the economically irrational European nations, like Britain, completely disturbed the world economy by their continental conquests and imperialism resulting in an extremely costly war that continued for 4 years. (Steger 2003) Many of the characteristics of globalization that make up our present era, like flourishing trade and rising superpower, are very similar to the form of globalization that was there in the early 20th century. (Stiglitz 2002)To a certain extent, the process of globalization has created an atmosphere of hegemony where a single great power rules over our new international economic system and also serves as our sole security provider. Thus, undeniably the earlier eras of globalization have a number of similarities and parallel with our current era of the contemporary globalization process and it is evident that globalization is effecting good influence in creating hegemony. It can well be stated that the process of westernization appears to be an inevitable force and there is no means of stopping it. Many analysts view today’s global economy as the completion of the dream of developing a “Global Village.” The evidence of the influence of this “Global Village” is seen almost all over the world (Mander 1996). For instance, travelers will generally see multi-lane highways and concrete cities everywhere. In these cities, there would be fast-food restaur