What are the impacts of globalization?

what are the impacts of globalization?

1. Faster and sustained growth of world economy
2. Easing of inflationary tendencies and ensuring relative price stability
3. Spread of technology
4. Economic growth in large population poor countries like India and China
5. Gains from economic coperation and trade
6. Fall of the most dictatorial, oppressive, clode economies and emergence of freer and vibrant economies in Russia and Eastern Europe
7. Attractiveness of the business of terroism by people who fail to compete on intellect and merit
8. Greater cross cultural exposure, understanding and tolerance.
A painful transition period of about forty years is still ahead of us to accomplish this grand experiment called globalization. Realization of a global market will be measured in across-the-board universal income average. That is, if a city-dweller in China makes roughly $50,000 annual, such will be the case for the Mexican city dweller's income and the American city dweller. There has to be this income averaging because it is inherently uncompetitive if the Chinese worker must toil without health insurance whereas the American worker would like health insurance. Such benefits cannot survive for workers in a global market.
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