Globalization refers to the rapid movement and exchange of people, products, services, money, technology, and cultural practices across the globe. It promotes relationships between different communities and locations, although its benefits and drawbacks remain in question. While some deny its existence, globalization is, in fact, a complex and controversial issue. Its primary focus is commercial expansion on a global scale, which results in both positive and negative effects worldwide.

Economic globalization, in particular, places local economies, authorities, and integration at risk. It exploits profit-making opportunities regardless of a country's boundaries, leading to mutual dependence between global markets. The primary goal is to increase wealth, often at the expense of people and the environment. Cases of slave labor in China and other third-world countries exist due to economic globalization. Manufacturing without regard for environmental protection has resulted in global deforestation and resource depletion and created wealth disparities across the world. While globalization raises competition, it also lowers income, making it a double-edged sword for nations.

Advancements in technology, telecommunications, and transportation have made globalization happen at an unprecedented pace. Indeed, it has affected tradition, ecology, culture, security, lifestyle, and ideas, among other things. Although technology's impacts are both positive and negative, it is essential to embrace its positive aspects and address its negative consequences. All governments should exercise adequate control over globalization to mitigate its unfavorable impacts on human existence.

Re-designing globalization requires governments to recognize the flaws of financial globalization, particularly its impact on macroeconomic instability and inequality. Policymakers may adopt capital restrictions to curb foreign capital flows that may cause financial crises. The expansion of redistribution through higher tax rates, wealth and property taxes, and programs to aid globalization's victims is also crucial. Policies that support employees and compensate losers due to migration must also be in place. Creating more equitable access to health, education, and financial services is likely to increase support for globalization. Such opportunities guarantee that market earnings are not solely dependent on people's economic backgrounds.

In conclusion, while globalization has undeniable advantages, its drawbacks must be adequately addressed. Proper measures should be in place to mitigate its negative impacts on society's wellbeing. When done in a balanced and controlled manner, globalization has the potential to improve lives and foster stronger relationships between different cultures.