What are the benefits of globalization?

What will be an ideal response?

ANSWER: Traditional economic theory says that globalization relies on competition to drive down prices and increase product and service quality. Business goes to the countries that operate most efficiently and/or have the technology to produce what is needed. In summary, globalization expands economic freedom, spurs competition, and raises the productivity and living standards of people in countries that open themselves to the global marketplace. For less developed countries, globalization also offers access to foreign capital, global export markets, and advanced technology while breaking the monopoly of inefficient and protected domestic producers. In developing countries around the world, globalization has created a vibrant middle class that has elevated the standard of living for hundreds of millions of people.