Globalization can be defined as, the tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets. Globalization has had the effect of markedly increasing not only international trade, but also cultural exchange.
The advantages and disadvantages of globalization have been heavily scrutinized and debated in recent years. Proponents of globalization say that it helps developing nations "catch up" to industrialized nations much faster through increased employment and technological advances. Critics of globalization say that it weakens national sovereignty and allows rich nations to ship domestic jobs overseas where labor is much cheaper.
In 1990’s, Globalization was started begun in most of the western countries such as Europe Union, America, and United States. The initial globalization was expected to increased and improve the wealth of developing and developed countries, and they most of the countries believe it will bring them out from poorness to the richness through the globalization. By globalizing the world, country between countries may able to conduct business by serving their other demands with their supply in the mean of interest. Most of the countries regardless developed or developing, strongly believe through globalization may expand the economy and bring in the greatest wealth to their countries. Furthermore, through globalization, countries and countries able to sharing their knowledge and technology and improve their current lifestyle. In the beginning, most of the initiator did not realise what the impact of globalization will bring into the developing countries, and sometimes the developed countries.
Stiglitz has argued that, pro-globalization policies have the potential of doing a lot of good, if undertaken properly and if they incorporate the characteristics of each individual country. Countries should embrace...