Answer:
In terms of the economy, globalization allows for increased trade and investment opportunities, leading to economic growth and access to a wider range of goods and services. However, it can also create competition and job displacement in certain industries.
Regarding institutions and concepts, some remain relevant while others may need adaptation. Institutions like the World Trade Organization (WTO) and International Monetary Fund (IMF) play a role in regulating global trade and finance. Concepts like free trade and global cooperation continue to be important for fostering economic development and addressing global challenges.
However, it's important to continually assess and adapt these institutions and concepts to ensure they address emerging issues and promote inclusive and sustainable development. Globalization is an ongoing process, and nations must actively engage and collaborate to navigate its effects and shape its future.