Arguments For the view.
(I) Globalization in a nut shell means integration of local economy to world economy. Therefore, the systems and procedures that facilitate trade between nations are a great help in boosting local trade, i.e. purchase of raw materials, manufacturing, value addition, transportation, etc. pulling the real economy into fast track.
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Today, materials that are not available or are in short supply in one country, are easily and quickly supplied by those nations where they are abundantly available. Crude oil, for example, reaches the farthest corners of the globe from Organization of Petroleum Exporting Counties (OPEC) and other counties, and fulfils the energy needs regularly.
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(II) Application of modern technology is considered the sine qua non for fast development of a nation. Globalization has not only opened the new vistas of technology transfer from advanced nations to the developing ones but also created conditions ripe for development of modern technology at local level in the latter category of nations. Besides, outsourcing of various types of businesses has generated large employment opportunities in many countries including India. This would not have been possible without globalization. Other areas in which mutual cooperation between nations has augmented for the benefit of society are healthcare, education, food security, combating terrorism etc.
Arguments against the view
Globalization has reduced distances and removed barriers. But these developments have increased the magnitude of inhuman practices like proliferation of drugs and banned substances like narcotics, human trafficking, money laundering, and worst of all, terrorism. Things today move so fast that adverse happenings in one part of the world have immediate and definite impact on other parts. Perpetrators of heinous crimes are able to cross borders within minutes, aided by their accomplices through fast communication, and go scoot free. Regular and speedy movements of people and material have made it well nigh impossible to track down murderers, extortionists, kidnappers and peddlers.
(II) the worst fallout of globalization has been that it speeds economic meltdowns, recessions, inflations and depressions from one nation or continent to others. Business and trade between nations work like a network, if the chain is broken it adversely impacts the whole world. In the globalize world, nations’ economies must swim or sink together. The bursting of housing bubble in America in October 2008 has snowballed into a global financial crisis, leading to large layoffs, reduction in exports, erosion of margins and profits, shrinking of demand and a severe credit crunch. The situation would not have reached such epic proportions but for globalization.