Globalization can be defined as the system of interaction among the countries of the world in order to develop the global economy. It also refers to the integration of economics and societies all over the world (http://hotbabefatchicks.hubpages.com/hub/Definition-of-Globalization). Globalization can be both advantageous and detrimental to developing countries. Some of its advantages are increased external finance, improved technology and political conformism. Disadvantages of globalization include death of small and medium businesses, loss of cultural identity and the effect of foreign policies on domestic economic development. Let us take a closer look at these consequences of globalization. Increased external finance: Globalization implies that businesses from other countries will come invest in people and resources so as to produce their products. This type of investment means that they will bring money from their countries to buy or rent offices, purchase raw materials, hire staff, advertize etc (Stallings, 2000). These foreign businesses lead to a substantial inflow of external finance for developing economies. External finance helps developing nations to improve areas that the government might not be delivering on properly. For example, In Lagos, Nigeria, global companies like MTN, Chevron and Coke fund local transportation. They purchase buses for the state government, pay for their maintenance and subsidize transport fares. This has helped improve commuting in Lagos from the use of dilapidated buses to cozy, functional vehicles that Nigerians can enjoy using. Improved technology: Allowing foreign business to operate in developing countries provides an opportunity for these companies to introduce state of the art tech... ... middle of paper ... ...: http://hotbabefatchicks.hubpages.com/hub/Definition-of-Globalization. Accessed: 1st December, 2011. Stallings, B. (2000), pp. 7-8, ‘Globalization and Liberalization: A View from the Developing Countries, U.N. Economic Commission for Latin America and the Caribbean.’ Available at: http://www.mtholyoke.edu/acad/econ/stallings.pdf. Accessed: 30th November, 2011. Mostert, J. (2003), pp. 6-7, ‘The impact of globalisation on developing countries: ESSA Conference.’ Available at: http://www.essa.org.za/download/2003Conference/MostertJ_The%20Impact%20Of%20Globalisation%20On%20Developing%20Countries.pdf. . Accessed: 30th November, 2011. Balakrishnan, C. (2004),’ Impact of Globalization on Developing Countries and India: The 2004 Moffatt Proze in Economics.’ Available at: http://economics.about.com/od/globalizationtrade/l/aaglobalization.htm. Accessed: 2nd December, 2011.
Fan, G., and X. Zhang. "How Can Developing Countries Benefit from Globalization: The Case of China." Eldis. N.p., n.d. Web. 20 Apr. 2014.
Our global world is being more connected as we become integrated politically, socially and even economically. Due to the Bretton woods agreement, different countries have been economically dependent on each other in fear for war to erupt. From then on different organizations and policies tied more countries into being economic globalized. This economic globalization had then given us many opportunities in trades and more access to natural resources in other countries. Unfortunately, there are some negative effects that are brought to less developed country. Overall, many people believe that economic globalization does a great work on accumulating our economy and our quality of life.
(Bilton et al 1996:5) The process of globalization has certainly had many changing effects to the world we live in; it has also changed the way many factors operate. Globalization is said "to have transformed the structure and scale of human relationships that social, cultural, political, and economic processes now operate at a global scale with a consequent reduction in the significance of other geographical scales. "(The Dictionary of human geography 2004:315) Globalization has had both positive and negative effects on a local, national, international and global level. Globalization often brings benefits at one level which cause negative effects at another, these results and the scale at which they manifest are often uncertain and unpredictable.
Shangquan, Gao. “Economic Globalization: Trends, Risks, and Risk Prevention.” Development. United Nations, 2001. Web. 10 Dec. 2013. .
Globalization is an overwhelming trend. It is no doubt that there are many positives rise out of globalization, but equally some serious negatives brought from this trend, such as gradual disappearance of ethnic identity (Buckley, 1998). This essay is going to address some positive effects of globalization generally, and then it will focus on impacts of this trend on developing countries.
Just imagine waking up in squalor, a once prominent society, now a desolate wasteland. All because foreign interest has raped your land of its natural resources and you seen not a cent in profit. Although, globalization is unifying the worlds developed nations and is bringing commerce to nations that have struggle in past years. True, globalization has many positive effects but do the pros outweigh the cons. In this essay I will discuss Globalization ruining the integrity of many countries and also is forcing many undeveloped nations into a bind, and is causing economic distress on some developed nations. Also, due to economic globalization the nations of the world are diluting their culture, sovereignty, natural resources, safety and political system. My goal is not to change your way of thought, but only to enlighten you of the negatives of global economic expansion.
Countries around the world have closer over past few decades due to growing integration between economies. The main cause behind this growth has been globalization. There can be various definitions of globalization according to different aspects like economic activities, political, technological, cultural interactions. It brings the countries closer to each other and make them more interrelated through providing unrestrained trade and financial exchange. The process of globalisation not only includes opening up of world trade, development of advanced means of communication, internationalisation of financial markets, growing importance of MNC’s, population migrations and more generally increased mobility of persons, goods, capital, data and ideas but also infections, diseases and pollution. Opening up the economy to globalization can have both favourable and unfavourable impact on the country’s economic growth, environment, human capital, cultural dominance etc. Since globalization has been a hot topic over last few decades, it becomes imperative to study its impact on the economic growth of the country.
The term, ‘globalisation’ refers to the breaking down of barriers between nations, resulting in greater integration and an increased impact of international influences on all aspects of life and economic activity. The dramatic impact of globalization is able to be observed in India, as their economic liberalisation in 1991 led to their drastic rise in economic growth and prosperity. Through globalization, India has become a major powerhouse regarding their economy and is continuing to grow as the world’s fastest growing major economy.
This essay will mainly point out on what is globalization and its theories and what effects is it causing on welfare of people and how is it causing effects on social conditions for the population in south in this essay it is about India and Nigeria .
... interfere with corporate business. Withal, globalization has had its own effects on other countries such as Nigeria in western Africa. The use of the internet and social media has increased drastically over the last 40 years. A long time ago, people depended solely on letters to send messages but now, due to globalization, you can send a message to someone who is the other side of the world in a couple of seconds. More so, globalization has brought about the death of some Nigerian cultures such as the new yam festival. People in Nigeria have stopped the practice of this culture because they want to be like the globalized countries.
The definition of globalization is, “Globalization is the connection of different parts of the world. Globalization results in the expansion of international cultural, economic, and political activities. As people, ideas, knowledge, and goods move more easily around the globe, the experiences of people around the world become more
In this paper I intend to elaborate on the meaning of globalization and what economic development stands for and the correlation between them. I would
Science Initiative Group Institute for Advanced Study, 2007, Globalization: Trends and Prospects, Available from: http://sig.ias.edu/files/Egwang-_Welcome.pdf
Globalization is a very complex phenomenon, basically it means the relationship and connection between countries are getting closer, and they have more contact, politically and economically. Globalization has influenced the world in many different ways, like culture, economy and politics.
The process of globalization allows the global market to include products and services from all the companies around the world, including all the investments that are across national borders. Indeed, many American companies have taken their merchandise, manufacturing and services to invest in other countries. However, this has produced a negative effect on the global economy. American companies who invest in other countries produce an economic deficiency for the country, similarly companies that invest in other countries produce a loss in the global economy that affects the citizens of the whole world.