Globalization Advantages And Disadvantages

820 Words4 Pages
We live in a world today where it is possible for two or more people living more than 5000 kilometers away from one another, to communicate with the mere touch of a button. Another few taps and clicks combined with a short journey, and the above mentioned people can actually physically meet each other. This is something we all know; it’s a normal occurrence. However, rewind to a few centuries ago and this mundane procedure will be nothing short of magic. This is globalization. Formally, globalization refers to the growing interdependence of countries worldwide through increasing volume and variety of cross-border transactions in goods and services, free movement of international capital flows, and more rapid and widespread diffusion of technology.…show more content…
An author and anti-globalization activist, Kevin Danaher said, “We have a global economy that is not structured around democratizing and including people in the decision-making. It's operated in secret.” This statement rings true, for the prominent International economic and financial organizations are almost all under the control of the United States and other western countries. These nations have been using the advantage of their position to promote and dominate the development of globalization. However, this shouldn’t come as a surprise for these nations are the largest beneficiaries of economic globalization. And these benefits are legitimized for the bodies are charged with maintaining…show more content…
The WTO was charged with looking after trade related issues. Today, it is rapidly assuming the role of global government, as 134 nation states, including the U.S., have ceded to its vast authority and powers. The central operating principal of the WTO is that commercial interests should supersede all others. Any obstacles in the path of operations and expansion of global business enterprise must be subordinated. The WTO is the most important regulator of trade at international level and also sets the terms within which regional agreements can be signed. In this way, globalization is managed at world level from a trade
Open Document