Globalization is the process of international integration arising from the interchange of world

views, products, ideas and other aspects of culture. Globalization is growing quickly.
Globalization lets countries move closer to each other. People, companies and organizations in

different countries can live and work together.

Globalization offers many advantages to the people and businesses. These include:

New market for product.

Helps in growth of economy.
Increase in infrastructure.
Free flow of technology and information.
Reduction in poverty.
Increases in employments.
Raises peoples living standards
Improves international communication and understanding

Globalization has some disadvantages also:

It causes unemployment in industrialized countries

May lead to more environmental problems
Can lead to financial problems
Human, animal and plant diseases can spread more quickly through globalization.
Damages local goods, services and cultures
Increases competitions among companies

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Now Id like to give you some information about Open and Closed Markets.
OPEN MARKET is an economic system with no barriers to free market activity.
Its characterized by the absence of tariffs, taxes, subsidies. Anyone can participate in an open
market.
There are many advantages to a free market economy:

the market produces a wide variety of goods and services to meet the consumer's wants

the free market responds quickly to people's wants.

the market system encourages the use of new and better methods and machines to
produce goods and services
There are some disadvantages also:

the free market can fail to provide certain goods and services

the free market may encourage the consumption of harmful goods

the social effects of production may be ignored

the market system distributes more goods and services to those consumers who have
more money than others.

A CLOSED market is a market with a number of regulations restricting free market activity.
Few advantages of a closed economy are

Lots of opportunities for the local sellers to sell their goods in the market.
The economy becomes self-sufficient as they are not involved in trade with the other
economies.
Local producers and sellers become beneficent as they are not affected by the outside
marketers.
All goods and services consumed by the citizens of the economy are domestically
produced.

But there are a lot of disadvantages in a closed economy.

3.

Its not possible for a country to have all of the raw materials such as coal, oil, gas.
The goods will be of poor quality as competition does not exist between the traders.
The economy will be less developed since they have so many limitations.
Poor infrastructure facilities and corruption.