Positive And Negative Effects Of Globalisation

Joseph Stiglitz, defines Globalization as follows: Globalization "is the closer integration of the countries and peoples of the world brought about by the enormous reduction of costs of transportation and communication, and the breaking down of artificial barriers to the flows of goods, services, capital, knowledge, and people across borders." (from Globalization and its Discontents)

Role of World Bank and International monetary fund

International Monetary Fund(IMF):- Its sole purpose is to ensure the stability of the international monetary system .The International monetary system consists of exchange rates and international payments that enables countries (and their citizens) to transact with each other .

World Bank :- It’s role is to aid in sourcing of financial and technical assistance to developing countries around the world.

Negative Effects of globalization on :-

1.Income inequality:- Income can be anything ranging from salaries, wages, interest on savings account, dividends from share of stock, rent, and profit from selling something. Income inequality is the unequal distribution of income in the society. It means that few people hold the most of the

The OECD report identifies that “The average income of the richest 10% of the population is about nine times that of the poorest 10% “which is seven times more than it was 25 years ago. OECD’s Income Distribution Database shows that in emerging economies, such as China and India, a sustained period of strong economic growth has helped lift millions of people out of absolute poverty. But the benefits of growth have not been evenly distributed and high levels of income inequality have risen further. . The figure depicts the unequal income distribution in various categories of population. This analysis was done by LAC, a platform for poverty and inequality