Question

Assess the impacts of globalization in the promotion of economic development in a developing country that you are familiar with.

Answer 1

Globalization is the process of interaction and integration among people, companies, and governments worldwide. As a complex and multifaceted phenomenon, globalization is considered by some as a form of capitalist expansion which entails the integration of local and national economies into a global, unregulated market economy

Developing countries are effected positively and negatively in many aspects, from internal affairs to external affairs. Globalization can have very drastic impacts on a country both positive and negative:

Globalization has helped less developed countries deal with the increasing economic development in the rest of the world. This has solved the poverty problems in these countries. In the past this was impossible for less developed countries due to trade barriers. The World Bank and International Management encourage these less developed countries to go through market reform. Many countries began to move towards these changes by removing tariffs and free up their economies.

Developed nations invest in less developed nations which lead to creation of jobs for poor people in the less developed countries, this is a positive outcome of globalization.

The health and education system in developing countries has benefited in a positive way due to the contribution of globalization. Education has increased in the recent years because globalization has created jobs that require a higher education.

However, globalization has had its negative effects on these less developed nations. Globalization has increased inequality in developing nations between the rich and the poor. The benefit of globalization is not universal. Globalization is making the rich richer and the poor poorer.

nother drawback to globalization is the loss of highly educated and qualified professionals in developing countries due to migration to developed countries for a better life.