Question

Be sure to address each point in the question and explain your argument carefully.

1. What is globalization? Does globalization create opportunity or risk? Who are the winners and losers of globalization over the last 40 years? (please refer to the talk: Globalization – Opportunity or Risk?)
2. How has globalization affected standards of living throughout the world? Is the recent period of intensified globalization associated with rising incomes and falling poverty, or has it instead been associated with widening global income inequality and rising poverty?

Answer 1

Answer:
Globalization is the process of international integration arised by integegration of various ideas, goods, services across different nations. In simple terms globalization is the exchange of national and cultural resources.

Globalization creates both opportunity as well as risk. Few of its opportunity as well as risks are mentioned below:
Opportunity:

• Lower costs for products
• Access to new market
• Transfer of technology and ideas for global development.

Risks:

• Rich are getting richer and poor are getting poorer. Gap between Rich and Poor is increasing.
• Local Industry don't get opportunity to grow.
• It leads to escalations of geopolitical conflicts.

Biggest winner of globalization in last 40 countries are Asian and African countries like China, India, Vietnam because of huge population and cheap labour most of the factories migrated from US and Europe to these countries.
Biggest looser in this could be European countries like Italy, United Kingdom and United State of America.

Globalization has improved the standard of living across the globe. Huge portion of the population got uplifted from the poverty line due to globalization, as many companies open their units in developing countries it provided them with employement opportunity and transfer of technoogy as well.

In the recent time globalization have negative impact as well. To attract foreign investment host countries follow liberal nature and don't follow labour law to its bit which had led to widening of global income inequality. Now rich is getting richer day by day on the contrary poors are getting poorer.

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