Question

Explain any two arguments given in favour of economic globalization.

Hint:

Supporters say economic globalization brings growth and efficiency, wider consumer choice, and flow of capital and technology.

Answer 1

Step 1: Understand the question:
Economic globalization means growing links among economies through trade, capital and technology flows. The question asks for any two arguments in its favour, so two clear points are enough for 2 marks.

Step 2: Argument 1: Higher growth and prosperity:
Supporters say free trade lets each country produce what it makes best and sell it widely. This raises output and income.
As a result, more people gain from growth and living standards improve.

Step 3: Argument 2: More choice and flow of capital and technology:
Consumers get a wider range of goods at lower prices because of competition across borders.
Capital, technology and ideas move easily to developing countries, which creates jobs and raises efficiency.

Final Answer:
Two arguments: globalization increases economic growth and prosperity, and it gives consumers wider choice while bringing in capital and technology.