Globalisation...

Globalisation as a social policy phenomenon has added a new paradigm to politics, economics and international relations. Competition and intercountry relations have drastically changed. 

More competitve industries; as the competition increases, efficiency also increases benifiting the economy and consumers with a variety of goods to choose from with higher added value. Improved lifestyle of standards of living; As variety of goods and quality increases, this also increases the standards of living of individuals.

Flow of capital investments; seeking new buisness ventures, hot money can flow into the economy to use the resources; minerals, diamonds etc. This brings the economy some benefit.

Green energy;  The use of eco-friendly tools is encouraged as groups internationally stand by and fight for these anti-eco friendly chemicals.

 Outsourcing  of labour; 3^rd world countries gain employment as it becomes cheaper. This is another way of increasign the economies labour force.

 Cultural exchange and acceptance; Media and other sources encourage the culture and heritage this way the countries intrinsic value also increases.

Technological transfer and advancements; With time, technology advances and leading companies send their teams to update in return of efficient means of production. This aids lowering cost and increasing profits.

With all these advantages, we also have to face many drawbacks too. Some of which may be;

 Soveignty of government

   Interference into international affairs;  Countries that have little say also have the right in the UN and thus it causes complications to a simple dual country issue.

Import of luxury items; Economies like Pakistan, has lower local produce and imported goods causes more money to flow out of the economy. This eventually is bad for the economy.

 Interdependence of  fragile structure of economy

 Unemployment; Countries that outsource increase unemployment in their economy, and this causes a lot of redundancies.