Since the end of World War II, globalization of world markets has been increasing. The main characteristics of globalization include free flow of goods and services (International trade), and capital (foreign direct investments), less government intervention, and regional and global integration. In addition, globalization is strengthened by cross- national cooperation (e.g., the European Union) and institutions such as the World Trade Organization, the World Bank, and the International Monetary Fund. Globalization is supported by the argument that international trade and foreign direct investments result in a better allocation of resources. In the last few years however, the effectiveness of international trade and foreign direct investments has been challenged as a growing number of governments have been questioning the benefits of free flow of goods, services, and capital. In particular, the United Kingdom has left the European Union (Brexit), the North American Free Trade Agreements (NAFTA) has been revised, COVID-19, and the invasion of Ukraine by Russia, are events that have highlighted the potential risks of relying on international trade and foreign investments. As a result, trade and investment sanctions have been imposed on some countries for political reasons, supply chains for critical products have been disrupted, and multinational enterprises are under increasing pressures to reduce their operations in foreign nations and invest more in their home countries. Question: Do you favor globalization of world markets? cite inside your answer (e.g.: MacMillan, 2022) two or more recent articles (no older than 2020) from business periodicals such as Business Week, Forbes Magazine, Fortune Magazine, Wall Street Journal, Financial Times, or any other relevant popular press (no textbook, Wikipedia, or academic journal). At the end of your answer, provide complete references of the articles cited (use any acceptable style if it is complete).
