Globalization is characterized by increased flows of trade, capital, technology, information and people across borders. While not a new process, globalization accelerated after World War II due to technological advances. Supporters argue it raises living standards through comparative advantage and improves environmental/labor standards over time. Critics argue it harms some people and serves corporate interests by enabling a "race to the bottom" in regulations. Studies have shown mixed effects of globalization on economic growth, inequality, and poverty reduction between and within nations.

1. What is Globalisation? Globalization is characterized by an increased flow of trade in goods, services and financial assets across national borders, along with increased international mobility of technology, information and individuals.

2. The PROCESS of Globalisation is not new, but it accelerated after World War II. Technological advance plays an important role in determining the pace of globalisation Measuring globalisation involves measurement of the international movements of goods, services, financial assets, people, ideas and technology

3. Arguments in support & against Globalisation: Supporters of globalization argue that trade based on comparative advantage raises living standards everywhere; that international organizations are funded by governments, not corporations and provide a formal mechanism for all governments to be represented and to push for change; and that environmental quality and welfare of workers actually improve with globalization.

4. Arguments against globalization include a concern that free trade is harmful to people that international organizations serve only the interests of corporation and that there is a “race to bottom” with countries offering lax regulation of environmental quality and labour standards in order to offer multinational firms better opportunities for profit.

5. Therefore, the question is : how has globalization affected economic growth and poverty? Some studies have shown that globalization increases economic growth with or without increases in income inequality within nations and some studies have also shown that globalization narrows the income gap between rich and poor nations and reduce poverty.

6. Liberalization : of the economy is to free the economy from any kind of red tapism and bureaucratic hassles popularly known as without licence raj or inspector raj and no government control on business Privatisation of the economy: when public sector units are unable to deliver the goods and incurring losses continuously and consistently and therefore govt. has left with no option but to go for the process of privatisation to make those units economically viable to survive and thrive in this highly competitive, chaotic and complex business environment

7. World Trade Organization (WTO): w.e.f. 1-1-1995 Basic objectives of WTO; To promote international trade between countries by gradually dismantling tariff and non-tariff barriers to trade. A powerful trade promotion mechanism in which principles of reciprocity and non-discrimination together have multiplier effects on trade expansion.

8. Free Trade and Globalisation What is the state of world trade? Does it support the globalisation thesis? Arguments in support of globalisation thesis - Economic, political, ideological Alternative thesis: increasing lines of fracture undermining free trade Competing national capitalisms Rising regionalisms September 11

9. The Future of Free Trade Will multilateral free trade system survive and thrive, or fragment? Will we see globalisation and harmonization, or increasing fracture and growing national/regional differences? Trends WTO law; national trade laws; regional trade law