Globalization is a concept that has seeped into almost every of life. It is ever growing at an alarming pace. Though it boasts numerous advantages, it is not without its downsides. This paper intends to examine globalization and its effect on the economy. This paper attempts to analyze the adverse effects of globalization concerning its effect on sovereign nations, legal lacunas and global impacts. The paper also proposes possible actions to overcome these inadequacies that need to be addressed at the earliest. This paper has been divided into 4 parts. Part I of the paper gives an introduction to Globalization. Part II deals with the challenges that are brought about by globalization to sovereignty. Part III deals with the proposal for the implementation of Global Corporate Social Responsibility as a mechanism to face these challenges. Finally, part IV concludes this paper with the conclusions that have been arrived on.
