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The Benefits Of Globalization

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While some countries have managed to reap the benefits of globalisation, other countries are facing major challenges of income inequality, high levels of unemployment and poverty and the vulnerability of economies to externals shocks. The path of globalisation in its current stage must change to allow more countries to reap the benefits. There is a clear imbalance in the existing workings of the global economy, which has derived from an inequality between the economy, society and political contexts. (Rodrik 1997) The proposed recommendations in creating a fairer globalisation and another globalised world will be a series of coordinated changes in the context of open economies and open societies. Through an incorporation of these standards in a policy guided framework, the path of globalisation can be directed into another globalised world where the benefits are shared more equitably by people and countries.

The making of multilateralism is becoming inevitable due to globalisation. The WTO and its rules advocate an open multilateral trading system as it allows trade to be expanding and managing (Cavangnah & Mander 2004). The multilateral system of the United Nations and its related organisations provides the foundation of global policies regarding the areas of development, finance, trade and internal peace and security, as well as in a variety of social and technical fields. Its declarations reflect universally shared values, and universal participation provides the

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