Vol. 7, Special Issue 7, Part C (2021)

Abstract
Globalization has become a very important process in the 21st century, it has removed the trade barriers among various nationalities which in return has provided us access to different products. We have access to the global market, we can purchase products from various countries, we can invest in foreign markets, enjoy their foods, music, culture while sitting at our own houses. It has been really helpful in these hard times when it is not safe to go out of our homes. Due to globalization, various technologies are shared among different countries which helped in fighting the world pandemic of the Novel Corona Virus (or commonly referred to as Covid-19). Like all the other things, globalization also has its own advantages and disadvantages which are discussed below in more depth. The main purpose for introducing globalization was to remove trade barriers so that the world could come closer, it can become a single global village. A few market analysts contend globalization advances monetary development and expanded exchanging between countries; yet, different specialists, just as the overall population, by and large, consider that the disadvantages of globalization are exceeding the advantages. In the earlier times of globalization, the only focus was to remove the trade barriers between different countries for the smooth flow of trade between them. But as time changed, the purpose of globalization has also evolved. Nowadays globalization is not only focused on removing trade barriers but it also encourages foreign direct investments, exchange of technologies across nations, getting to know about their cultures, addressing common problems like environmental degradation, pollution, ozone depletion, global warming, wars, etc. Like every other thing, globalization needs to evolve with the changing time; it has to incorporate a lot of things so that it may be of help in many major problems the world is facing. It is important that all the countries work together and globalization provides them a global platform to do it.