ABSTRACT
This article describes and explains the jive pillars of contemporary globalization. This process is provoked eSpecially by the rapid development of information, communication and transportation technology, especially Since the 19803. T here are four fundamental pillars of contemporary globalization, namely internationalization, interdependence, westemization and the rise of world society. These four pillars are connected to each othen However the globalization process creates two diferent global impacts, namely prosperity on the one hand, and poverty which is based on global economic inequality on the other hand. Several elaborated strategies to overcome the challenges of contemporary globalization, such as international cooperation and the revised version of Welfare State tradition, are also elaborated.