e of globalization has generated intense debate among economists, attracting both strong supporters and opponents and although characteristics of current globalization are different from previous ones, but still by turning the pages of history, one can find similarities and learn from past experiences. Therefore, initially, the history of globalization with the focus on the last two waves is reviewed and analyzed. The opinion of various researchers has been presented and discussed. Throughout the next section and during the analysis of the impact of globalization, historical evidence is provided, and with referring to recent events various aspects of globalization are examined. The economic development, open-door policies, financial liberalization, sound institutions, the role of international financial intuitions, governance, and welfare policies have been briefly discussed and investigated.O’Neill (2004) argues that there is no argument that the levels of income and disparity and poverty are significant between advanced and emerging countries. O’Neill claims that from an enormous range of contributions to the literature on globalization, a consensus has been reached that overall globalization has brought more benefits than costs. that it has exacerbated inequalities both within and between countries because of sharply diverging experience at individual and country levels. and that it has increased economic and political insecurity even for those who have benefited in monetary terms from globalization. But they challenge making a causal link between changes in poverty and inequality with increased globalization, as the globalization process today has an impact far beyond its economic aspects, and is increasingly influenced by global health and environmental crises.O’Neill (2004) disagrees with the claims that globalization has increased global poverty and income inequality worsened over the last 40-50 years. He argues that if correct economic indicators are used, global income distribution has become more equal over the last twenty years although inequality increased slightly in the 1970s.