As globalization has become a widespread and hotly debated topic, the article first identifies multiple approaches to globalization and distinguishes the descriptive‐analytical and the normative‐ethical perspectives. Second, key features of economic globalization are discussed. Third, the importance of global institutions and rules is highlighted. Fourth, the responsibilities of the actors in the global arena are emphasized against the backdrop of emerging global initiatives for regulations. Fifth, a growing literature is presented, which explores the need for universal ethical standards and a
common ethical ground.