I need a detailed answer on all the arguments in favour of o

I need a detailed answer on all the arguments in favour of or advantages of global economy and free market?

Solution

Free market is a market where exchange of goods and services takes place between buyers and sellers with no government intervention.Free market brings greater employment oppourtunities by paying higher for their work.Day by day growing needs of consumers brings tough competition among the producers to establish their product in the market.Every producer try to make its product better than competitor which leads to innovation of new and better products in market.

Competition among producers lowers the prices of goods in the market.Globalisation builds stronger trade relations between countries.Countries can trade goods in which they have specialisation.Poverty can be controlled by globalisation.It can lead to increase in per capita income of countries and ecourages foreign investment.

It creates work for small size industries for developing countries , so developing countries are more beneficial.Environmental issues can also be taken into account.

Globalisation also lead to spread of education.Also due to vast variety of products, cconsumers are now more satisfied with the quality of products.