Globalization Has Increased The Vulnerability Of Developing Countries

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Introduction: (350-400) Economic Globalisation: (37) The decade of the 1990s has witnessed an inevitable process of globalisation all over the world. In a single, integrated world market, globalisation refers to a broader and deeper growth of international trade, culture, finance and technology. Globalisation and developing countries: (248) Through trade, investment and capital flows, globalisation exerts a profound influence on the whole world, especially the countries of the South. Globalisation can accelerate economic growth and boost international cooperation. It provides opportunities, at the same time, presents challenges and risks. Globalisation has increased the vulnerability of developing countries. As financial crisis has…show more content…
In addition, it generally declares that globalisation as an exogenous force has eroded national economic sovereignty (Quiggin, 2001). A neoliberal account of globalisation described a viewpoint that states, to some extent, have lost much of the economic sovereignty during the 1990s (Ohmae, 1990). It is especially destructive for developing countries. As the economic globalisation of the world develops rapidly, the trade contacts and economic cooperation among various countries become more frequent. However, at present, the trade relations between less developed countries and highly developed countries are not reciprocal. Under the Lome convention, African exports have preferential treatment in the EU; conversely, African countries do not obtain any improved access to the markets of European countries even the African government agrees to loosen import restrictions (Collier and Gunning, 1995). South-south cooperation: (143) At the dawn of globalisation, national competition has been fierce and huge inequities are presented within and between countries. This critical situation initiates international development cooperation (Almeida et al., 2010). The diversity of the South offers a splendid prospect to work towards economic growth, poverty reduction, and area
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