Globalisation has become a hot-debated issue in the last ten to twenty years. Globalisation is affecting the world from different perspectives, such as political perspective, economic perspective, and cultural perspective. Currently, whether globalisation can bring more positive effects or negative effects to the modern world is still open to debate. Different scholars around the world hold distinctive views regarding the definition of globalisation, but in this essay, the following two definitions are used. Globalisation refers to the creation and intensification of global linkages(Gokh,2018). In addition, globalization also refers to “the compression of the world and the intensification of consciousness of the world as a whole” (Robertson,1992,p3). One of the main ideas of globalisation is to break the barriers between countries. Everyone can receive information about different events happening in the world instantly. In the era of globalisation, breaking of barriers between countries is inevitable. Trading, foreign investments, population movements, these activities across the globe help intensify the linkages between countries and compress the world, not only barriers of borders is broke but also the barriers of different time zones.

Every coin has two sides when some are supporting globalisation, while some are advocating anti-globalisation, it is clear that globalisation has obvious advantages and disadvantages. In this essay, the advantages and disadvantages of globalisation on economic perspective and political perspective will be discussed.

From the economic perspective, with the increasing efficiency of transportation and convenience of information flow, economic activities around the world become more intensive, including trade, capital flow, transferring of production technology and even the use of common currencies. Countries are no longer independent and closed economies. Instead, countries cooperate with each other beyond national boundaries. These activities led to economic globalisation.

Speaking of advantages of economic globalisation, the first advantage is the higher production efficiency. Under globalisation, many countries concentrate on producing products or even processes in which they have comparative advantages. For example, countries with a larger population can focus on labour based production, while countries with advanced technology level can focus on high-tech products.

The second advantage of economic globalisation is the expansion of the sales market. As the barriers between nations are abolished, many companies sell their products in other nations or regions and earn higher revenue from different places. This increases local employment opportunities and raises the wage level of these industries.  Also, under economic globalization, the developed nations enjoy more external investment opportunities. The developing nations can also attract foreign investment with low production cost. This raises people’s income level and increases the demand for international commodities. Since the 1990s, the total trade volume in the world has increased at an average speed which is twice of the growth of the world economy(World Trade Organisation, 2015). It shows that the degree of globalisation of the market has become higher. When countries focus on producing products which they have comparative advantages, with the expansion of sales market countries can make the largest profit out of their products.

Moving to the third advantage of economic globalisation, diversification of products. Under globalization, many nations have actively abolished the trade restrictions, such as lowering tariffs and abolishing the quota system. Trading thus increases rapidly. This increases producers’ profits and provides more choices to the consumers due to the diversification of products. The same kind of product made in different countries can have different quality, this provides more choices to consumers. At the same time, prices of products are lowered by competition. Without globalisation, consumers can only buy domestic products of higher price due to the lack of competition. However, many nations have opened their markets under globalisation, welcoming products from different nations. It provides more choices to their citizens. Pro