Development and Globalisation Essay

In order to examine whether economic development can be accelerated in low developed countries it important to define and identify the characteristics of Economic Development. Economic development is significantly more advanced than economic growth. It is more relevant to measuring improvements in the quality of life in developing nations. Economic development is also concerned with literacy rates, life expectancy, poverty rates and structural changes in the economy.

But in also can be argued that globalisation will eventually lead to the global economies to become equal upon there economic powers, this can be because of the cause of increase of jobs, increase in trade and also because of the increase of investment. The main advantages of globalisation can include such factors that will eventually lead to a reduction in world poverty may include the increase of jobs around the world, the increase of investment and also the increase of trade in contact with different economies in developed and undeveloped countries. Jobs may increase around the world through large multinational investing in different economies causing the expansion of businesses in developed countries. This means that as the firms expand they will need more employees and by employing locals it will mean that the companies will cause the regional and national economies to strengthen and thus decrease poverty in the region.

The countries of Singapore, South Korea, Taiwan, and China, have become top rankers in terms of success and wealth globally. The author will explore the success of each individual nation and explain how their governments’ role has played a part in their success.

Generally, the word development is always linked to the concept of economic growth, but this is not necessarily true. The well-being of the members of society is more important than economic resources. Therefore, development ultimately consists on expanding people’s opportunities to live a dignified life based on better health, education, employment and political freedoms. Development is inherently political because it represents society’s most important goods.

FDI in a developing economy means the development of the entire national economy on a grand scale, benefiting several other support industries, development of the country 's infrastructure, raising standards of living and increasing per capita income. World-leading manufacturers on

With 93 offices and more than 30 countries around the world, International Development Program (IDP) Education is a top education agency in providing international student placement services (IDP Education, n.d.). Over the past 45 years, IDP Education has played a vital role in the international education sector and now places students into top-quality institutions at multi international countries. IDP Education is also a proud co-owner of the International English Language Testing System (IELTS), the world’s most popular high-stakes English language test for study, work and migration propose.

Globalisation is the process by which the world is becoming increasingly interconnected as a result of massively increased trade and cultural exchange, it has dramatically increased the production of goods and services leading to the biggest firms no longer being national companies but instead multi-national. Globalisation like all processes has been debated heavily, with many people holding firm that it is not a good thing for economies. Some pros of globalisation include, free trade, competition between nations drives prices

There have been many definitions and classifications of the term ‘Globalisation’ conceived and hypothesised, over the last half a decade in particular. Some of these classifications can be viewed as to being biased in favour of globalisation and vice versa. But one that can act as a concise, yet unbiased characterisation was conceived by Dibb et al. in 2006 which states that Globalisation is “The development of marketing strategies that treat the entire world, or its major regions, as a single entity.” (Dibb et al. 2006, p. 147) Globalisation revolves around creating marketing strategies while viewing the world’s consumers and business as one market that share needs, wants and buying

However, to answer the question ‘what is development?’ is not simple. Development is contentious and ill-defined meaning different things to different people. Some scholars claim that development is a state or a short-term outcome of a desired goal. Szirman (1999), for instance, claims that development is a state of economic growth, while Bellu (2011) from the FAO defines development as a state of improvement, which can include economic, social and territorial improvement. According to these theorists, development is results-based as it is determined by

- To what extent dose FDI have significant impact on the level of employment in

FDI plays in the economic growth process of the host country. A good number of the studies and discussions show that there exists a strong correlation between FDI and economic progression. In addition to being an engine for diffusion of knowledge and transfer of technology, FDI also stimulates international trade, domestic investment, expands host nation 's domestic savings, and increases the host country 's foreign exchange reserves adjusting its Balance of Payment post. These factors increase the economic growth of the host nation.

To increase the education and stander of living of the country will ultimately help the company in both ways. The company gets a new and cheap workforce. Also it gets the new segment of the market to sell the products.

International trade not only results in increased efficiency but also allows countries to participate in a global economy, encouraging the opportunity of foreign direct investment (FDI), which is the amount of money that individuals invest into foreign companies and other assets. In theory, economies can, therefore, grow more efficiently and can more easily become competitive economic participants. For the receiving government, FDI is a means by which foreign currency and expertise can enter the country. These raise employment levels, and, theoretically, lead to a growth in the gross domestic product. For the investor, FDI offers company expansion and growth, which means higher revenues.

Globalisation has already existed for thousands of years. People have been buying from and selling to each other in lands at great distances, such as through the famed Silk Road across Central Asia that connected China and Europe during the Middle Ages. Likewise, for centuries, people and corporations have invested in enterprises in other countries.

Globalisation has undoubtably become one of the key terms for the description of main tendencies in the arrangement of world order and application or tools and rules. As it is an ongoing process, it implies eternal changes and infinite progress. Nonetheless, if it brings changes, it does not mean that processes which take place consequently bring only a positive aftermath. For a successful discussion in the context of globalisation, it is necessary to define what globalisation is. Sparke(2013) in his work states that the term ‘is used by scholars to name the compound effects of intensifying and increasingly consequential global interconnections’. The analysis of of these interconnections should be the basis of the discussion of the changes brought by the globalisation. This essay aim is to distinguish and evaluate the changes caused by the globalisation, particularly in the world economy over the past fifty years. As Cohan(2012) mentioned, globalisation has modified the role of the state in economic evolution and the models of this development in both industrialised and less industrialised world. The world economy, or global economy, as it can be called, is a structure of production and commerce around the world that has developed as an outcome of globalisation (Cambridge Business English Dictionary, n.d ). As the process of globalisation is imprinted in the definition of the world economy, it becomes evident that the world economy and globalisation are intrinsically linked