Question

Which of the following indicates the Negative Economic Implications of globalization?

Options

• Economic globalization has created diverse opinions all over the world to benefit only a small section of society.

• It does not have equality at par with the movement of people across the globe i.e. developed countries have carefully guarded their borders with visa policies to ensure job security for their own citizens.

• It has created disparities among states also by making the rich richer and the poor poorer.

• All the above

Answer 1

All the above

Explanation:

Globalization's Economic Consequences (Positive)

1. It entails increased economic flows between countries.
2. It has increased commodity trade between countries.
3. Import and capital movement restrictions have also been relaxed.
4. This has resulted in the spread of internet and computer-related services across national borders.

Negative Economic Consequences

1. Economic globalization has resulted in diverse opinions all over the world, with only a small portion of society benefiting.
2. It does not have equality with regard to global migration, i.e. developed countries have carefully guarded their borders with visa policies to ensure job security for their own citizens.
3. It has also increased disparities between states by making the rich richer and the poor poorer. Globalization's Impact on India.