“Globalization is a process in which the world appears to be converging economically, politically and culturally” (Needle, 2015). Nowadays, financial markets, industry and politics are all internationalized. This situation has increased the transfer of wealth between countries; this has led to an increase in communications across the world, an increased importance of trade in the economy, and an intensification of international trade policies. Globalization has had adverse effects on the economy and created many challenges all over the world. Globalization is divided into six main aspects: firstly, there is international trade and the creation of a global market. Globalization can be seen as an increase in the volume of international trade. There are globally organized production and investment flows, migrations, communication flows, cultural flows and rapid technological changes in the world. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essay Globalization integrates markets into the global economy, leading to the union of national economies. Markets where globalization is particularly common include financial markets, insurance markets, and product markets, such as the electronics, automobile, and agricultural markets. The globalization of sports and entertainment is also a feature of the late 20th and early 21st centuries. Globalization has expanded beyond its economic roots and spread to human rights, the environment and even national security. Although these new initiatives do not look like what we are used to, the difference is that the current agreements come with their own governance structures. This led to a stunning shift in political prerogatives from individual nation-states to a host of new, higher-level political institutions. This is a reason to rejoice: the idea that political institutions have come together to grow in size, importance and boldness is a conventional wisdom today. There are three main competing views on globalization, each discussing the different positive and negative impacts associated with globalization. The three different perspectives are the neoclassical perspective, the Marxist/socialist perspective, and the structuralist perspective. Neoclassical/Neoliberal Views The first competing view is the neoclassical/neoliberal perspective. This view holds that global history and current economics have come together to form a new relationship in which nations unite both economically and politically. It is essential that countries unite on these two aspects to succeed in the globalized world. The competing neoclassical view shows that the global economy is more controlled by the existing market. He shows that if trade was so essential to the expansion of markets, thereby enabling increased productivity, it would be very easy to show how world trade would be so beneficial (Adam Smith, 1790). Above all, it provides an amount of financing that helps increase the amount of money available for internal trade. Additionally, it allows for increased market development across the globe. An example of this could be two countries selling two pairs of goods, if one country has an "absolute advantage" in the production of one set of goods and the other country has an absolute advantage in the production of its set of goods , they would each bespecialized in their own country to sell the goods they own. The advantage of this solution is that both countries will mainly benefit provided that the trade is fair. Additionally, trade and economic success allows many types of countries to both grow and take advantage of a huge economic shift in foreign markets to be able to acquire cheaper resources/materials. However, this could be a potential problem as countries that are significantly better at production and more advanced countries would benefit, while countries that are not as developed would not, simply due to lack of growth and development, which would make trade more difficult. David Ricardo refined Adam Smith's theory by stating that if one of the two countries was better than the other in production, then that country would be known for that particular product. For example, David Ricardo uses trade between two countries, England and Portugal, to explain how it helps Portugal import fabric even though Portugal can produce fabric with less labor than England. Current economists believe that England has a comparative advantage in fabric production. Ricardo says: “To produce wine in Portugal, you need 80 men per year, and to produce cloth in the same country, you also need 90 men per year. It would therefore be advantageous for them to export. wine in exchange for cloth” (David Ricardo, n.d.) Due to increasing globalization alongside the increase in accessible/usable technologies and the convenience of improved transportation, technology has made it easier for people to communicate across borders. borders and also led to a decline in the cost of transportation. It is now cheaper and more efficient to transport goods from one place to another. Globalized transport increased profitability and thus, during the major stages of growth of globalization between 1970 and 1993, the increase in transport increased by almost fifty percent throughout Europe. A major change in transportation costs has allowed companies to make greater profits. It is about changing ideas within the company by moving where they create products (Heshmati, 2003). Additionally, businesses can now transfer files over the Internet, making it possible to hold meetings without all members being physically present. This has reduced long distance communication costs and the exchange of information is considerably easier than ever before. International businesses can now communicate with others through email, conference calls and video conferencing. The increased development of telecommunications is due to a cause and effect relationship between technological development and deregulation of financial market policies. (Czaputowicz, 2007). Socialist/Marxist Views The second competing view is the socialist/Marxist perspective. They argue that globalization has led to an increase in inequality between countries/nations. Marx has many conflicting views on the exact extent of inequality between nations and the importance of the role globalization plays in inequality. First, Marx agreed with Smith that capitalism led to unprecedented growth, but he also pointed out that there was a huge flaw. He believed that the social system of capitalism was very unjust, that the owners of capital were able to exploit the advantage of some access to remedies, and that certain powers..