Effect of Economic
Positive effects: economic growth and reduction of poverty

"Per capita GDP growth in the post-1980 globalizers accelerated from 1.4 percent a year in the 1960s and 2.9 percent a year in the 1970s to 3.5 percent in the 1980s and 5.0 percent in the 1990s.
This acceleration in growth is even more remarkable given that the rich countries saw steady declines in growth from a high of 4.7 percent in the 1960s to 2.2 percent in the 1990s.
Also, the non-globalizing developing countries did much worse than the globalizers, with the former's annual growth rates falling from highs of 3.3 percent during the 1970s to only 1.4 percent during the 1990s.
This rapid growth among the globalizers is not simply due to the strong performances of China and India in the 1980s and 1990s—18 out of the 24 globalizers experienced increases in growth, many of them quite substantial.
Economic globalization also has helped to decrease poverty around the world. Poverty has been reduced as evidenced by a 5.4 percent annual growth in income for the poorest fifth of the population of Malaysia.
Economic globalization also will narrowing gap between the rich and poor.
Negative Effect
-Capital flight
-Inequality
-Tax heaven
-Austerity

Effects on world cultures

Cause Of Globalization 1. Improved transport, making global travel easier. For example, there has been a rapid growth in airtravel, enabling greater movement of people and goods across the globe. 2. Improved technology which makes it easier to communicate and share information around the world. E.g. internet 3. Growth of multinational companies with a global presence in many different economies. 4. Growth global trading blocks which have reduced national barriers. (e.g. European Union, NAFTA, ASEAN) 5. Firms exploiting gains from economies of scale to gain increased specialisation. This