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Most often, it refers to economics: the global distribution of the production of goods and services, through reduction of barriers to international trade such as tariffs, export fees, and import quotas. Globalization accompanied and allegedly contributed to economic growth in developed and  developing countries through increased specialization and the principle ofcomparative advantage. The term can also refer to the transnational circulation of ideas, languages, and popular culture. Opponents alleged that globalization's benefits have been overstated and its costs underestimated. Among other points, they argued that it decreased inter-cultural contact while increasing the possibility of international and intra-national conflict.
The effects of Globalization are manifold, affecting various aspects of the world economy to bring about overall financial betterment. The effects of Globalization exert intense influence on the financial condition as well as the industrial sector of a particular nation. Globalization gives birth to markets based on industrial productions across the world. This in turn, widens the access to a diverse variety of foreign commodities for consumption of the customers, owing to the marketing strategies undertaken by different corporations. In the world economic arena, Globalization facilitates the formation of a common worldwide market, on the basis of the liberal exchange of both cash and kinds. As far as Political Globalization is concerned, it helps in the formation of a world government to normalize the existing interactions among countries. It also ensures the rights emerging out of Economic and Social Globalizations. Promotion of liberal trading activities is perhaps the greatest contribution of Globalization, acting as a boon to the world economy. Following are the advantages enjoyed by countries engaged in mutual free trades:
• Considerable reduction in the cost of transportation, especially with the development of containerization with respect to overseas ocean shipments • Decrease or abolition of control over capital and the capital market • Formation of free zones for carrying out commercial activities, against payment of little or no tariffs at all • Decrease, abolition or synchronization of subsidies in domestic trades • Decrease or abolition of every kind of tariffsHowever, the concept of free trade emerging from Globalization suffers from limitations as well: • Restrictions imposed on the supernatural identification of intellectual properties. This means that the patents granted by a particular nation will by recognized in another country. • Synchronization of intellectual asset laws across most states are subject to additional restrictions.