Choose the correct options with relation to economic consequences of globalisation.

A. IMF and WTO play a role in determining economic policies across the world.
B. Globalisation has involved greater trade in commodities across the globe.
C. Imposition of Western Culture is a part of economic globalisation.
D. Economic globalisation has created an intense division of opinion all over the world.

Choose the correct answer from the options given below:

(A), (B) and (D) Only

The correct answer is option (2) - (A), (B) and (D) Only

Given statements:

A. IMF and WTO play a role in determining economic policies across the world.
B. Globalisation has involved greater trade in commodities across the globe.
C. Imposition of Western Culture is a part of economic globalisation.
D. Economic globalisation has created an intense division of opinion all over the world.

Statement C is incorrect as the imposition of Western Culture is not a part of economic globalisation. The imposition of Western Culture is a part of the cultural effect of globalisation.

Explanation of valid points:

The mention of economic globalisation draws our attention immediately to the role of international institutions like the IMF and the WTO and the role they play in determining economic policies across the world.

Globalisation has involved greater trade in commodities across the globe; the restrictions imposed by different countries on allowing the imports of other countries have been reduced. Similarly, the restrictions on the movement of capital across countries have also been reduced. In operational terms, it means that investors in rich countries can invest their money in countries other than their own, including developing countries, where they might get better returns. Globalisation has also led to the flow of ideas across national boundaries. The spread of the internet and computer-related services is an example of that

Economic globalisation has created an intense division of opinion all over the world. Those who are concerned about social justice are worried about the extent of state withdrawal caused by processes of economic globalisation. They point out that it is likely to benefit only a small section of the population while impoverishing those who were dependent on the government for jobs and welfare (education, health, sanitation, etc.). They have emphasised the need to ensure institutional safeguards or creating ‘social safety nets’ to minimise the negative effects of globalisation on those who are economically weak. Many movements all over the world feel that safety nets are insufficient or unworkable. They have called for a halt to forced economic globalisation, for its results would lead to economic ruin for the weaker countries, especially for the poor within these countries. Some economists have described economic globalisation as the re-colonisation of the world.