1. 1. Globalization is an essential tool for larger states to enhance their power especially at economic level. Innovation and adoption of new technology are the tools that made a countries strong so that they can grow and create strong national power. Countries with the ability to use advance technology are more powerful than the other countries. Economic development, advanced education and technology, increase standard of living, global competition are measures of power. So a country who is using all these advance technologies creates a strong national power than the other countries.
  2. Process of globalization was started when the economic cooperation among the countries increased. It is basically a process of human innovation and technological process. There are different talks about the process of starting globalization as some historian believe that it was stated when people started to travel around the world for the first time and with that new technologies started to communicate with each other between 1450 and 1800. Some believe that it started in earlier times in the period of ancient trade routes between Asia & Europe.
  3. There are number of factors that led to the globalization of the world economy such as advancement of science and technology, communication technology, international trade, foreign direct investment, flow of international capital and improved transportation.
  4. It affected different parts of the world in this way that people are becoming more open to the new ideas, culture and their way of thinking is changing. It also improved the standard of living across the globe. One of the major impact of globalization is that it helped to reduce poverty. It has lifted many countries out of poverty by increasing trade and technological advancements. It has also helped to spread new ideas and technologies around the world such as mobiles phones are the best example for communication purpose.
  5. Globalization has brought various challenges to the world such as the environmental damage caused by the foreign companies, exploitation of workers, high investment cost, Job loss in their own country because they are outsourcing jobs for a cheap labor and taxes across borders. These all the challenges of globalization.
  6. Pros of globalization are it has helped to spread new ideas , technology and has also helped to reduced poverty by providing jobs to the people in such a way with the advancement of technology new opportunities begin and new foreign projects begins. Communication and technology are now easily accessible with less cost and minimum effort. Cons of globalization are environmental damage means international companies doing business in other countries don’t value the environment, other disadvantage can be exploitation of workers means international companies are paying less to labor of weak countries and trade imbalance can also be a disadvantage such as people started relying more on imports and not prefer their own country products which cause trade deficits means imports of a country exceed the exports. All business in the world benefits from globalization because they have new customers and broader revenue. I believe globalization benefits everyone no one as such loss because it’s due to globalization new opportunities generated. It reduces unemployment and poverty from many weak countries. Every one now a day is taking benefit from globalization as it made life easy for everyone in all aspects such as communication, travelling, and advancement in cultural values.