How to disable the edge panels (Charms Bar and Switcher) in Windows 8

Windows 8 has introduced the new "Modern UI", formerly known as Metro. The Start Menu was replaced with the brand new Start screen feature which splits the Windows UX into two separate worlds - world of Metro apps and the Classic Desktop. To switch between these two environments, Windows 8 offers two panels at the top left and top right edges of screen which are the Switcher and the Charms Bar.