The debate on the advantages & disadvantages of globalisation has been going on for quite a number of years!Layman & experts alike are divided whether the process will result in more or less welfare for humanity!Even though there are obvious benefits
especially for comsumers there seems to be much attendant pain.We often hear of plant closures or massive jobcuts because of foreign competition.In addtion globalisation is associated with economic crisis,environmental change,erosion of sovereignty and cultural dilution.Moreover opinions over the issue of globalisation can be very intense and emotional as manifested by the street demonstrations that regularly accompany WTO & IMF meetings!Unfortunately the picture on the net benefit or loss as a conequence result of globalisation is still unclear!As a result policy-makers are not sure whether the process needs to be encouraged or curtailed! In fact the process of globalisation as an economic phenomenom is not something new!It has been going on for thousand of years!Moreover the process has generated tremendous benefits for humanity!Through international trading activities,our forefathers had been able to enjoy various goods from different countries at the best price!The finance industry has been the factor that causes nations to becomhighly indebted and thereby severly exposed to external shocks!The resulting negative outcomes have often been wrongly attributed to the process of globalisation rather than to the powerful effects of the operations of the lending-for profit industry!
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