Disadvantages Of Globalization On Development In Developing Countries

To the casual observer, globalization can be thought to have a positive impact on the entire world. This statement is definitely true for most of the developed countries, such as the United States of America. However, there are many countries that have suffered severe negative consequences as a product of globalization. For example, the “first globalization” occurred when Hernan Cortes conquered the Aztec Empire and exploited the local populations and African slaves to mine the silver reserves. China, the economic powerhouse at

Globalization reduces poverty and brings up the life expectancy. According to the World Bank, in 1994 India's poverty headcount ratio was 45.3% and in 2012 it has gotten two times better. Another improvement is Ethiopia. the World Bank headcount poverty was 45.5% in 1995 a study in 2011 shows it has gone down 29.6%. Globalization has helped other countries build up their economy because once they have a factory that originated from a US company they can give jobs to people in the different country.

That this was also the decade in which globalization came into full swing is more than a minor inconvenience for its advocates” (Rodrick). If globalization is supposed to present an advantage to developing countries, why have there been so many setbacks? Indeed, both sides will have its winners and losers regardless of which side of the development coin they live on, but for the most part globalization has lifted millions out of poverty, improved the standard of living, and increased life expectancy rates all while keeping developed nations relatively competitive to their developing counterparts. Globalization’s value is that it seeks to create an economic equilibrium in the world, where parties are free from barriers and can benefit from one another through a more efficient allocation of resources. This allows all participating nations to contribute to an integrated economy and where all nations willing to embrace globalization have the potential to benefit. Regardless, the path to successful integration to the global economy has not always been easy. There is contention towards globalization as some argue that it is detrimental to developed nations, while many developing countries that were forced to hastily open up their markets and integrate failed. However, if implemented properly, globalization has proven that it can benefit all parties involved and that the potential gains outweigh the losses.

For individuals in very poor and economically unstable countries, globalization tends to do more harm than good. Through the economic, political and cultural examples stated above, globalization has not aided these countries climb out of poverty, develop an influential government or have a strong cultural identity, in fact, it has done the exact opposite. L’Huillier quotes Charles Darwin, “if the misery of our poor be caused not by the laws of nature, but by out institution, great is our sin” (2017 381). The business model that globalization suggests is an unattainable utopia for those in developing countries. These traits of poverty and war have always existed yet, many of today’s countries are the way they are because of the models that are favored and paraded under globalization

Globalization has done a tremendous disservice to those that seek to create wealth and resource equality. Globally it has created a system where as the counties with access to strong markets, copious resources, and relatively educated populations will succeed, while those countries that lag behind in categories such as those willhave a difficult time maintaining in the global economic system.

In theory, globalization should help contribute to the equality of the global economy. Yet this is not the case in reality. Globalization contributes to unsustainable prosperity for a very small percentage of the world’s population. For those in developing countries, it is especially unsustainable. The resources in these areas are consumed at an unstable rate and the environment given very little consideration. The workers are treated as if they are expendable. The smaller economies of these countries are vastly taken advantage of. For these reasons, globalization contributes to sustainable prosperity to a small extent.

The main focus in this article is to illustrate how globalization has improved the lives of many in developing nations. Globalization in of its self is the trading of goods and services of a local economy into an integrated global economy. Technological advances have made this practice more feasible with in the last 50 years. The major milestones were the development of the internet and increased transportation technology. These two advances made the world coined "flat" and set the stage for higher living standards.

Globalization can be defined as ‘international integration’, which can be described as the process by which the people of the world are unified into a single society and functioning together. This process is a combination of economic, technological, and political forces (dictionary.com).

Globalization is the proximate and multidimensional set of political, economic, social, and technological integration around the globe. The increasing interconnectedness among countries can be seen through the prism of globalization. Essentially, the lives of people living in distant cities like Bangalore and Silicon Valley are brought closer as a result of this phenomenon. Drivers of this adjacent include; the expansion of trade, technological exchange, labor movement and investments (Stearns 2017). The discourse of globalization encompasses several multidisciplinary themes. The paper, however, concentrates on the economic factors, “which, entails the closer economic integration of countries of the world through increased flow of goods, services, capital and even labor.” (Stiglitz 2007: 4). The paper focuses on economic globalization and elucidates whether the globalization has reduced poverty and inequality or had reproduced the reversed implications. Meanwhile, the paper reveals if the developing world has benefited from the set. This seems to be the central question that policymakers, development economists, and politicians have been grappling with for years. The paper is presented in three parts. Part one reflects on the historical context of the problem statement. The second part compiles literature and juxtaposes with cases to corroborate the globalization-poverty-inequality triangle. Finally, the conclusion represents the author’s viewpoint on the

Economic globalization is the growing integration of world markets and the intensifying interdependence of global economies. The process has social and economic costs as well as benefits. The process is both critiqued and lauded by scholars. On one hand it provides opportunities and growth while on the other hand it creates an unequal distribution of wealth also while hurting workers rights.

Globalization is a trend that is taking more and more effective in the construction industry worldwide included in growing economies. This particular trend is leading the industry in major cases, but because the construction industry also covers a leading number of issues this attractive trend negatively impact developing economies in several ways. First issue raised is the one related to the capacity of local institutions to follow the regulation practically imposed by globalization. In fact the projects that are require the socio-economic development seems to be beyond the ability of the industry in developed countries to compete successfully. In most cases the project dimension, new technology involved as well as management skills are yet to be mastered in some regions as a results countries willing to perform on a global level are forced to import some action related to the construction project itself. Raftery et al (1998) identifies three trends in globalization when it comes to construction. The first identified trend was related to the involvement of the private sector of organizations in the industry, the second trend was a vertical procedure integration, which is increasing in large scale infrastructure projects, a growing number of international or foreign participation in project teams. These trends were attributed to “the globalisation and deregulation of markets necessitated by fiscal, technological and managerial constraints” from the same

“Globalization is not just one impact of the new technologies that are reshaping the economies of the third millennium” (Thurow 19-31). When speaking of globalization, most people will not have a complete understanding as of what it actually means or what aspects of the world it affects. Globalization promotes free trade and creates jobs. The capital markets attract investors, resort cheap labor, and leads to job losses in some areas of higher wage. While all of this is happening, the world economy is being effected: economically, culturally, socially, and politically.

Globalization has failed in its promise of making the playing fields even between countries. Globalization has failed because in certain countries the life expectancy rates are decreasing. Many people have seen their jobs being demolished due to outsourcing. Globalization has affected people's lives since they lost their jobs. They are feeling powerless, because when they lost their jobs they won’t be able to pay their bills. When you can’t pay your bills, late fees will be added to the amount of money you owe. Due to this you can lose your home, this affects life expectancy rates because if you lose your home, you won’t be able to live on the street for a long time. This situation will most likely occur in developing nations than developed nations because developed nations have a higher advantage. Globalization was created to improve people’s lives, but it did the opposite. Globalization is now destroying people’s lives and decreasing life expectancy rates.

It is fair to say that the ones who benefit the most in economic globalization are developed countries whose social productive forces are highly developed ((El-Ojeili, C. & Hayden, P., 2006.). However, it is difficult for developing countries that are relatively

At present, economy globalization, which can be defined as the expanding world integration through trade, financial flow and knowledge, has significant effect on developed and developing countries. We are living in a world where people can communicate efficiently and enjoy the freedom of exchange of goods and capital. Due to the economic globalization, the material life today is more colorful than before. However, there are also some arguments about this issue. The advantages of it are pleasing while the disadvantage should not be ignored at the same time. In this essay, the both sides of economic globalization will be discussed.