The conceptual trend of different processes resulting in greater interconnections of socio-cultural, economic and political proceedings at the global scale can be termed as globalization. It has been identified by many as the misbalanced process which has led to strengthening of the interdependencies of the major economies of the world with growing indifference towards economies that depart from these major economies. It has been constantly observed that the diverse effects of globalization with multi-faceted impacts from various processes on different countries are interlinked through the chains of globalization.
Commonly, it has come to be referred to as economic globalization, due to the amalgamation of several national economies into the international economy in form of trade, capital flows, foreign direct investments, migrations and technological spread and advancements1.
Chase-Dunn has presented a model of the processes and structures of the modern world-system and has proposed a project to transform the system into a democratic and collectively rational global commonwealth. The article states that popular transnational social movements are challenging the ideological hegemony of corporate capitalism2. The global women's movement, indigenous movements, the labor movement, and environmentalist movements are attempting to form strong alliances which are capable of challenging the emerging transnational capitalist class domination (Chase-Dunn, 2003). Chase-Dunn argues that new democratic socialist states in the semi-periphery will be critical sources of support and allies for the anti-systemic movements.
Globalisation supporters claim that it increases economic prosperity as well as opportunity, especially among developing nations, leading to a greater efficient allocation of resources and enhancement of civil liberties. Economic theories of comparative advantage suggest that free trade leads to a more efficient allocation of resources, with all countries involved in the trade benefiting3. In general, this leads to lower prices, more employment, higher output and a higher standard of living for those in developing countries (Sachs, Jeffery, 2005).
Proponents of laissez-faire capitalism say that higher degrees of political and economic freedom in the form of democracy and capitalism in the developed world are ends in themselves and also produce higher levels of material wealth4. They see globalisation as the beneficial spread of liberty and capitalism (Wolf, Martin, 2004).
Vices of Globalization
Critics of globalisation argue that poorer countries are sometime at disadvantage since the main export of poorer countries is generally agricultural goods and it become difficult for these countries to compete with financially stronger countries that subsidize their own farmers5 (Hurst, Charles, 1993).
It has also been argued that globalisation has led to deterioration of protection for the weaker nations by stronger industrialized powers, resulting in exploitation of the people in those nations to become cheap labours6. With the world