Although countries have generally prospered due to globalization, the critics have pointed out growing income inequalities as a painful side-effect of globalization. While some economists claimed that globalization entered a new phase, guarded globalization, after the Global Financial crisis of 2007-08, others believe that there are no trends towards de globalization. In fact, some argue that the world will need even more globalization in post-pandemic era as new prospects are emerging in the areas of digital technology and technology-enabled services.

Question: Discuss the above statement and substantiate your views on the pros and cons of globalization with appropriate reference.