Globalization Is A Complex Phenomenon

3186 Words13 Pages
1.0 Introduction
In the current world especially in the third world countries, over a billion people are living in acute poverty having below one dollar per day at their disposal to survive on. In the last 20 years, global flows of capital, goods, services, information and labor has grown in volume and accelerated considerably. A fervent criticism on corporate behavior and the failure of politics, have accused the process of globalization of worsening existing global inequalities and being responsible for growing levels of poverty. Globalization has not benefited majority of people in the Third World in spite of various development programs and global human rights tools. In essence, globalization is a complex phenomenon that brings new forms of social relations whilst at the same time maintaining the old approaches of capitalist development. The Third World countries are the main losers in the acceleration of globalization as compared to the developed states like West.
1.1 Globalization
Globalization is defined as an integration of economy, finance, trade, and communications from a world-wide perspective, so as to establish an efficient economy on global basis. Globalization is the process of global integration cropping up from the exchange of world views, products, thoughts and other features of culture. Progress in transportation and telecommunications infrastructure, including the increase of the telegraph and its posterity the Internet, are the main globalization
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