Question

1. What are the principal elements of globalization?

2. What are the challenges of globalization? What do its critics argue and are they right?

Answer 1

Globalization is the process of interaction of people, state, countries, or businesses start operating on an international scale.
There are some elements of globalization :
1) Trade Agreements: it is reduced or eliminates trade barriers between two countries.
2) Capital Flow: measurement of nation's domestic or foreign assets, whether it is increases or decreases.
3) Migration Patterns: the nation's get benefit of potential workers through migration, especially those with particular skills.
4) Information Transfer: It reduces the asymmetric functioning of markets and economics by better communication,
5) Spread of Technology: Rapidly increase of the means and methods of producing good and services.

Challenges

the globalization has four major challenges:
1) to ensure that the benefits of globalization extend to all countries which are not happening automatically.
2) In the developing world, to deal with the fear that globalization leads to instability.
3) To address the real fear in the industrial world that increased global competition in terms of wages, labor rights employment practices and the environment.
4) It must not be used as excuses to avoid searching for new ways to cooperate in the overall interest of countries and people.

There are many views are held by the anti-globalization movement. the globalization has created global and internal unrest in many countries. Globalization has promised an improvement in economic development and standard of living, it was criticized very heavily for its production of the negative effect. It is not simple as an economics project, but it also influences the country environmentally, socially and politically as well.