" Barriers to the free flow of goods and services, labour can capital are being pulled down around the world, aided by huge improvements in communications and transport. Most countries are embracing market capitalism, including titans in the developing world. It is not just their tennis shoes and computers that are conquering the globe but, increasingly, their software and services, and indeed their capital. Most important, perhaps, they have vast pools of relatively cheap and increasingly skilled workers who put pressure on jobs and wages in rich countries.
Allied with technology, globalisation increases competition and exposes inefficiency. It tends to lessen inequality among countries and increase it within them. In short, though the overall effect is positive, there are losers as well as winners"
A small but very well-explained paragraph shows the source as well as the possible economic consequence in the globalisation era.
