Globalization – a panacea or a trouble shoot for economic progression

Globalization is the network of numerous independent national economies that has entailed swift amplification of cross-border trade, services, capital flows, greater to and fro movement of people and ideas,better welfare through competent gainsand greater equity growth; though it have enlarged income inequalities and destabilized nation. Globalization has a gigantic cultural collision. It is also responsible for the current stretch of universal terrorism. It extols the free movement of labour. This means that any country that has widespread social provision is under endless pressure. The free movement of labour also puts stress on tax regimes because those countries that desire social harmony and equality will lose people overseas as tax exiles. Globalization is undoubtedly the most awfulwickedness to befall the world since the demise of communism.