The Assignment on Globalization Debate

Running head: THE GLOBALIZATION DEBATE
The Globalization Debate
Student’s Name
University
Author’s note

THE GLOBALIZATION DEBATE
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Table of Contents
Introduction......................................................................................................................................3
Advantages of Globalization...........................................................................................................4
Growth.........................................................................................................................................4
Equality........................................................................................................................................6
Poverty.........................................................................................................................................7
Environment................................................................................................................................8
Disadvantages of Globalization.......................................................................................................9
Equality........................................................................................................................................9
Growth.......................................................................................................................................10
Poverty.......................................................................................................................................10
Environment..............................................................................................................................11
Conclusion.....................................................................................................................................12
References......................................................................................................................................13
Appendix........................................................................................................................................16
Appendix 1: to Growth of economy from 1980 to 2015...........................................................16
Appendix 2: Projected growth of global economy up to 2024..................................................16
Appendix 3: Top Countries in Globalization Index..................................................................17
Appendix 4: Centralization of Global Wealth...........................................................................17
Appendix 5: Centralization of Global Wealth ..........................................................................18

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Introduction
Globalization has been a milestone in the evolution and transformation of the human
society, as well as the world itself. Since the beginning of the 19th century, the world has
undergone a major technological shift. Some argue that globalization emerged as a direct result
of the industrial revolution. The subsequent industrialization, growth of domestic and national
economy and standardization of production boosted the population growth. Expansion of

THE GLOBALIZATION DEBATE
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railroads, aviation system and free international trade policies across the facilitated a sustained
demand of commodities. Further, the innovation in the technology and development of
Information and Telecommunication (ICT) brought the world closer than ever. As a result,
global economy saw a steady growth, banking upon the interconnectedness of the national
economies as well as the growing demand (Bozyk 2019). And this interconnectedness is the
essence of globalization, which in turn leads to further integration of regional and national
markets. In this sense, globalization can be defined as the process of integration of markets,
making way for a global economy by interconnecting regional markets (Beck 2018). More
specifically, the IMF defined globalization as “The process through which an increasingly free
flow of ideas, people, goods, services and capital leads to the integration of economies and
societies” (imf.org 2018)
The distinct characteristics of globalization includes free movement of labour, goods and
services, ideas and capital across national borders. And therefore it is often argued that
globalization has been the most significant driver of economic advancement and growth over
time (Hill 2017). According to economic historian Angus Maddison (2017), the process of trade
expansion and development of innovation have contributed to the growth of economic even in
the antiquity. For example, the discovery of the silk route with innovations of transfer of
technology such as glass, textiles from Egypt and Asia etc. helped Venice to come out as a
significant contributor to the development of Europe.
In spite of the huge support in favour of globalization, an antagonistic view on
globalization has emerged over time, giving rise to a dispute, which is popularly known as the
‘Globalization Debate’. The dispute revolves around the claim that the world is moving