Introduction

The concept of globalization is vital for a country because it allows countries to benefit from
economic interaction and collaborate in handling economic, social, and political challenges in
today’s world. Different authors and institutions have defined globalization in different ways
because there is no one definition for globalization. In this report the author has compared the
institutional and general definitions separately. As per the next step, the author has explained
Arguments for and against the economy chosen. In the next section the author has described how
small country like Sri Lanka have been impacted in terms of economic, political and social
perspectives using costs and benefits for each perspective.
What is Globalization
Various authors and institutions have defined globalization in different ways such authors and
institutions like Hamilton & Webster, Ohiorhenuan, WTO, IMF, ILO, and WHO etc. According
to Hamilton & Webster, globalization refers to the social, economic, political, cultural and
technological which links in various countries.[ CITATION Ham15 \l 1033 ]. In addition to that,
globalization defined as a process or set of processes which considered as a change of the spatial
organization of social relations and transaction.[ CITATION Dav18 \l 1033 ]. Finally, according to
IMF, Globalization is the increasing interaction and connectivity of economics around the world
by exchanging goods, services, money, people and knowledge with each other. [ CITATION
IMF08 \l 1033 ]