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As a business student I feel that the above statement is absolutely false. The fact is quiet the opposite. The prime benefits of globalization are :-

 Increases the content of MIDDLE class income group by providing more executive and general job opportunities.
 It gives the economy a strong activity boost by increasing production of goods and services and helps in reducing costs by finding the most competitive and cost effective solutions to business.

The following excerpt shows the positive effect on poverty in Malaysia :-
“Malaysia has been lambasted for adopting a heterodox approach to overcome the
financial crisis. In September 1998 it introduced selective capital controls. In early 1999
(February) it modified capital controls by introducing a repatriation levy or an “exit tax”
on portfolio capital. There are stronger signs that the economy is recovering in 1999.
Capital controls along with other policy measures seem to be pulling the economy out...