Improvement of International Trade. Because of Globalisation, the number of countries where products can be sold or purchased has increased dramatically. • Technological Progress. Because of the need to compete and be competitive globally, governments have upgraded their level of technology. • Increasing Influence of Multinational Companies. A company that has subsidiaries in various countries is called a multinational. Often, the head office is found in the country where the company was established. The rise of multinational corporations began after World War II. Large companies refer to the countries where their subsidiaries reside as host countries. Globalization has a lot to do with the rise of multinational corporations. • Power of the WTO, IMF, and WB. According to experts, another effect of Globalisation is the strengthening power and influence of international institutions such as the World Trade Organization (WTO), International Monetary Fund (IMF), and World Bank (WB). The term is synonymous with international integration, the spread of free markets, and policies of liberalization and free trade. The process is not the result simply of economic forces. The decisions of policymakers have also played an important part, although not all governments have embraced the change warmly. • There are numerous advantages in the shift to a global economy including the possibility to increase benefits from economies of scale. Breaking down of global barriers allows companies to benefit from the largest and cheapest workforces, raw materials, and technology. For example, “many North American publishers actually write and produce much of their software in countries such as India.” Another advantage that companies benefit from include: the opportunity for smaller companies to quickly expand globally, having more choices when recruiting a workforce and the opportunity to target a larger customer base (which translates to greater earning potential). • It is obvious how the global economy also helps in promoting international cooperation and peace for the nations involved in the international trade by increasing mutual dependence. For instance, India and Pakistan are often in a dispute over land territory such as Kashmir. It can be argued that it would be less likely that these two countries will enter into combat due to the severe negative effects on their economies. However, it can alternatively, be argued that countries that are shunned out of global trade are more likely to resort to armed combat for the same reasons that are mentioned above, therefore the subject needs a proper study to draw any conclusions on Globalisation’s effect on world peace.

World Trade Organization (WTO) is the only international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably, and freely as possible. • Among the various functions of the WTO, these are regarded by analysts as the most important: • It oversees the implementation, administration, and operation of the covered agreements. • It provides a forum for negotiations and for settling disputes. • The WTO establishes a framework for trade policies; it does not define or specify outcomes. That is, it is concerned with setting the rules of the trade policy games. Globalization is an inevitable, irreversible process despite some vested interests trying to thwart it and some other vested interests trying to take better advantage of Globalisation than others. This is because the increasing the prosperity of people at large of each and every country in the World is dependent on global trade, economic cooperation, and global integration of economic activities in all spheres- trade, commerce, financial services, technology commercialization, conservation of exhaustible resources, information and knowledge acquisition, protection of the environment, ecology, food and health security, enrichment of cultural diversity, tourism, travel, and so on. This is being increasingly realized by more and more common citizens of almost every country. The vested interests of military/ dynastic ideological exploitation and oppression are getting exposed and will not be able to able to keep common people away from Globalisation and its benefits for long. Indian the economy will also benefit and grow at a rapid rate, ensuring radical improvements in standards of living and quality of life for more than 135 billion Indians over the years. The increasing trend towards regional trade agreements and bilateral trade agreements will make India realize that India is already on the fast march on the path of Globalisation. India is becoming more expert in sorting out issues at WTO. This may create problems for politicians and their parties, they will not be able to live comfortable luxurious lives and enjoy the privileges of power to control the lives of the masses, keeping them at their mercy for long. In command economies or liberal democracies, the common people will increasingly revolt against any move or extant systems that deny them the better life Globalisation offers on the basis of religious/ racial ideologies or beliefs.