Globalization and National Economic Development: Analyzing Benefits and Costs

Recognizing that liberalization of economies leads to economic growth, many governments throughout the world have been eager to embrace globalization. Generally, this has led to higher rates of growth. Indeed, those countries which have avoided globalization have been the slowest growing group of economies. However, a growing number of individuals, many within the fastest growing economies, including the developed countries are joining the protests against globalization. This paper attempts to explain the reasons for the push for and the protests against globalization. The objective of the paper is achieved by examining the impact of globalization on labor and capital markets.