Question

What relationship is there between gobalization and development?

Answer 1

Answer)

Globalisation is a complex phenomenon that revolves around political, social and economic spheres of the world. The vast process of globalisation involves exchange of money , trade and technology with transfer of people. So, there are capital as well as financial flows from one country to another.

The major relationship between globalisation and development comes from the growth in international trade and building services like banking, insurance, shipping, finance , healthcare and so on. The development of service sector will provide in for the all round development of the nation. This we see as the direct relationship between globalisation and development. Development means economic growth plus enhancing human capital which includes parameters health , nutrition, education and clean environment. Therefore, we have the process of interlinking between developed and developing countries due to globalisation and as a result increased development. It has achieved the goals of economic efficiency and growth with high profits.

But, there are some negative impact too. The indirect effect of globalisation on development is that due to integration of economy, people and culture , it has led to fragmentation of societies. It has ignored the goals of equity, poverty eradication and human security. The stark levels of inequality and growing poverty level in the developing nations is the major sign showing negative development due to globalisation. There has been no trickle-down effects of globalisation seen as far. On the other hand , it has only made the developed nations more wealthier while the developing nations surviving at the mercy of the developed nations.