Question

1. Do you think globalization is a benefit of liberal economic principles or whether it’s a more problematic phenomenon? Why?

Answer 1

Globalization has both positive and negative effects. It is a result of liberal economic policies. It led to free flow of goods, services, technology, labor, culture etc from one country to another without any strict barrier. Thus, it results in the development of poor countries through technology transfer, it helped in the development of human capital and shifting items from surplus to deficit region.

But it has made economies more vulnerable and susceptible to global changes. Recession in one country now affects economic well being of every liberal economy. Westernization has distorted traditional and cultural life of people.

Therefore, no one can draw a perfect conclusion about the effect of globalization.