Question

please explain what is meant, in brief, by the term "economic globalization." Furthermore, please make mention of and describe the chief Organizations (e.g. WTO, World Bank, IMF) that are often thought of as managing and directing this economic globalization. Lastly, present and then comment on both the "benefits" of economic globalization, as presented by its advocates, as well as the "cons" of economic globalization, as presented by its critics

in one full page answer.

Answer 1

• The growing interdependence of economies owing to the rapid growth of cross-border trade of goods and services, capital and technology is termed as economic globalization.
• or we can say it is the extensive worldwide flow of goods, capital, services, technology and information.
• The World Trade Organization (WTO) being an international body sponsors free trade by bringing countries to the agreement to eliminate import tariffs and other barriers. Therefore, being closely related to globalisation.
• World bank provides funds and technical assistance in fields of health, education, infrastructure, irrigation projects, it fights poverty globally through sustainable solutions while as IMF helps in the monetary cooperation of member countries.
• Pros of globalization: Globalization expands access of goods and services to the masses, lifts people out of poverty, spreads Information and technology easily.
• Cons: Losing out of workers in developed countries to countries having cheaper labor, degradation of labor rights, human rights and environmental protection, and concentration of additional control in the hands of multinational companies.