Benefits and Costs of Globalization

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According to Anita Roddick globalization means "One of the great myths of corporate globalization is that it will end poverty. It will not! It creates enormous wealth, but only for the elite who benefit from consolidation, mergers, the surge of global-scale technology and financial activity.


What he means is that if globalization flourishes it will ameliorate us with larger markets for manufacturers and improved alternatives for users and if it does not then it will devour us all.
The fact of globalization has interested many economists in the past and continues to do so in the present as well. Globalization has many proportions like political, cultural, and economic. Of all the dimensions of globalization economic globalization has attracted many economists, researchers and scholars. This paper attempts to discover the costs of globalization and its benefits. This objective is achieved by formulating a hypothesis and then proving it.
According to Hill (2002), globalization indicates a position whereby national economies integrate into an independent universal economic system. It gives a chance to develop further than the domestic markets and provides for a larger level of economies of scale in manufacture and sales. Adam Smith had opined that the level of specialization depends on the dimension of the market. Globalization is directly connected to economic development, which is connected to the expansion of international trade (Van Den Berg, 2001).
Maneuvered by the self-established development of world-wide markets and technological advancement, globalization ...
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