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Globalisation is a complicated and evolving process and has become one of the most debated issues around the globe. The topic is so debatable that there is no one conventional definition of globalisation. However it can be narrowly defined as "the inexorable integration of markets, nation states, and a way that is enabling individuals, corporations and nation states to reach around the world, farther, faster, deeper and cheaper than ever before."(Griffin 2007)

There are many arguments in favour and against, both for the developed world and the undeveloped world. There is no argument that levels of income disparity and poverty are significant between advanced and emerging countries and Globalisation has started to bridge that gap.

In regards to employment many have argued that the process of globalisation leads to relocation of work to developing countries from developed, which in effect increases unemployment

Good things about Globalisation

1. International Trade keeps prices low and quality high. Anytime a country in the past has tried to be self sufficient and not partake in the global markets, they find that their businesses become inefficient due to a lack of competition, prices rise, their products lack innovation, and they end up with hyperinflation. 2. Globalization can bring wealth to some of the world's poor. For example, much of southeast Asia was terribly poor a few decades ago; thanks to globalization and international trade many of these countries have experienced annual growth in the double digits and many of those people are now much better off than their parents were a generation ago. 3. Globalization can help bring world peace. As every country on the planet becomes more interconnected with every other country, there is a serious incentive for all of the involved to keep the peace. Thomas Friedman, in his book "The Lexus and the Olive Tree", goes so far as to discuss the "Golden Arches" theory of world peace--he says that no countries that have McDonald's have ever or will ever attack each other. 4. Globalization could help protect the environment. Some people have pointed out that in the past a nation like China could have produced as much pollution as they would have like to, but today if China wants to engage in the global marketplace the rest of their trading partners could potentially put pressure on them to clean up their act.

The bad things:
1. Globalization has led to greater disparity in wealth within many countries. Back to southeast Asia, the people of those countries did experience a tremendous amount of growth over the past couple of decades, but it wasn't experienced equally by all of their people. The poor have seen a moderate rise in incomes while the wealthy have seen incredible rises in their incomes. 2. The creation of what is essentially a single large global market entails certain dangers. Previously, if a nation made financial mistakes and their markets collapsed, it had little affect on the rest of the world. Now, if Mexico, Korea, Brazil, Thailand, or any other emerging nation finds itself in financial collapse they have the potential to bring down most of the world with them. Consider the widespread economic downturns experienced across the globe today due to the American banking crisis. 3. Globalization does hurt some workers in each country. For example, the US used to make most of the TVs sold in our stores. Now, the US buys all of its TVs from abroad. When NAFTA opened trade with Mexico, our TV factories closed their US plants and moved to Mexico, where they could find cheaper labor. On the flip side, Mexican farmers have been hurt by imports of American food. With all of our large farming machinery, local Mexican farmers can't compete with large American farmers, and they are being put out of business. 4. Globalization is also leading to a homogenization of the world's cultures. As nations open up their borders to free trade, they...
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