Robinson (2008, p.49) asserts, “Globalization is characterized by related, contingent, and unequal transformations”. Corporations and multinational organizations play a crucial role in shaping the economy of the world. Mittelman (2000, p.4) states, “Globalization is not a single, unified phenomenon, but a syndrome of processes and activities”.
In today’s world, companies not only carry out their operations in their home countries, but also they have their branches in other countries of the world. It has resulted in sapping the foundations of national economies and also it has successfully unleashed the sub-politics on a quite navel scale. Beck (2000, p.2) asserts, “Globalization makes possible things which, though perhaps always there, remained hidden during the stage of the welfare-democratic taming of capitalism”. Some of the main advantages of globalization include reduction of poverty, awareness of latest technological advancements, stability in the world’s peace, and rise in living standards of people of poor countries. Whereas some points that go against globalization include doubts about effects of outsourcing, increased number of loafer, mixing up of cultures, and difficulty in industrial competition.
Living standards of people has increased over the last 20 to 30 years. Technology has gain lot of advancements due to which people have brought in significant changes to their lives in order to make their lives easier. Without globalization it would have been impossible for a country to introduce technological advancements to other countries. If we take example of third-world countries, it is evident from the fact that 20 to 30 years ago, the living standard of people belonging to third-world countries was pretty ordinary and the number of jobs available for the people was very less. But when the multinational companies belonging to Europe and America started to operate in those countries, jobs were created that decreased the level