What are the sources of market failure? How can these failures be tackled by the policy makers?
The present stage that the world has reached is one in which everything is close-knit. The world has seemingly become smaller, and distances have been shortened thanks to technological advancement. There are several bodies and structures that interact with one another and this interaction appears to be systematic. Speaking of systems, globalization is one; it is a phenomenon that has many countries, organizations and institutions operating together. Each of the components in the globalization process exists for its self and is self-driven, yet the system functions. In this regard, one might assert that markets of different types and sizes function in a similar manner. They interact and influence one another in such a manner that it sometimes is difficult to trace out their patterns. At the center of globalization are particular factors that keep it in motion. One of these factors is consumer behavior that is largely driven by the availability of products and services in various markets
