Globalization is the process of the integration of markets, industries as well as politics in the global economy through the network of trade and communication between countries. In recent years, globalization tends to focus more on the money-making side, thus to boost the worlds economy (Deacon, 2013). The global economy has been expanding due to globalization which has increased trade between countries, and hence this increase has led to better living standards and a shift in commodity production. Consequently, adverse effects such as increased prices for consumer goods have characterized the rise of the global economy.
Define what is developing nation (example of developing nation)
Developing nations are the countries that have not yet gained full industrialization and other benefits that are enjoyed by the already developed countries such as Kenya. An increasing number of developing countries are willing to participate in international trades, where developing nations refer to countries who seek to develop their primary resources through industrialization References
(Deacon, 2013). This will provide a platform for the public to discuss the benefits and drawbacks of globalization to make improvements.
Background information of the beginning of globalisation
When tracing back to the ancient times, globalization began at the period where there were trades between the Sumerian amenities and the Indus Valley civilization, which further provoked trades between other countries along the Silk Road. It is believed that the development of globalization was based on the rapid strides in information technology and communication. Over the years, more and more developing nations such as India, have opened up for liberalization of trade, this essay will argue that the modern globalization system might not guarantee a better future prospect for the developing nations.
The shortcomings of Globalisation
Globalization encounters challenges. To begin with, the advantages of globalization have not been acknowledged in all nations. Governments are urged to ensure that globalization does not segregate any country. Besides, globalization is rebuked for the shakiness in creating nations particularly, political unsteadiness (Griva and Chryssochoou, 2015).
Cultural oppression has been reported as globalization increases. Globalization imposes threats such as controlling of the media by the huge corporations. The gagging of the media could limit the cultural expressions in different countries especially the developing countries (Griva and Chryssochoou, 2015).
Exploitation of labour is another problem that comes with globalization. The thought that globalization would increase worldwide rivalry and accordingly, influence the wages, work rights, openings for work and the earth (Griva and Chryssochoou, 2015). Notably, globalization increases the need for non-skilled and skilled labour from developing nations to the already developed countries. The trend could disrupt the economies of developing nations and ultimately all nations.
Globalization is identified with the advancement of complex issues and, consequently, individuals have utilized this as a reason to extend their organizations all around the world.
Globalization has intensified the problem of monopoly (Spahr, 2008). Multinationals bare known to look for the best country to set up business; one that does not have many intense regulations. The competitive retailers have been brought together in the new hands of the rich multinationals and the industries spawned into a monopoly.
The Benefits of Globalisation
Conversely, globalization has many advantages. First, better quality life is achieved when international trade occurs. The broad accessibility of worldwide commodities and thoughts emphatically influences the general population in was, for example, credits, household and global tourism and more openings for work. Another advantage is the quick spread of customer items, for example, garments. This has increased the supply of cash flow globally (Griva and Chryssochoou, 2015).
Globalization builds the accessibility of remote products, administrations, and innovation. Through globalization, everybody on the planet can appreciate diverse wares from different nations. Case in point, the wine from Italy can be appreciated in China.
People get to broaden their sight in the presence of globalization. People get to move freely around the world and meet new people, learn how they do business, meet people with new ideas and also get markets to sell their end product as well as places to get raw materials. Globalization democratizes with the local market, information on customers, commodities and cultural as well as language boundaries
Possible Solutions to Improve the Globalisation System
Promote Fair Trade
The world ought to concentrate on facilitating the free trade among all nations. In this manner, removal of trade barriers, venture and capital settlement and knowledge exchange, will make business over the nations straightforward and productive. Moreover, the monetary development of new markets and business enterprise. Through business, numerous organizations will extend, and development will assume a pivotal part. Most young people today are involved in entrepreneurship and the adoption of the free market by many countries in enhancing the notion of globalization.
Globalization is still not mature enough despite the advantages it has brought to the world. Global economy notions refer to the world-wide economic activities between countries which can attribute to positive or negative outcomes. Some of the adverse outcomes are too risky for the world to handle, for instance, in 2008, the global economy went into recession, and all states were affected (Spahr, 2008). The world business needs to be regulated and measures are taken to avert such crisis. A stable economy is the anchor of developed and developing nations. Thus regulations that can serve well during a global crisis and provide confidence in the markets are necessary.
Deacon, B. (2013). 11. Globalization and social policy in developing countries. Social Policy in a Developing World, 217.
Griva, A. M., & Chryssochoou, X. (2015). Debating globalization: Perceptions of the phenomenon based on political positioning and on ideological understandings of economy, culture, and the nationstate. European Journal of Social Psychology, 45(7), 880-895
Spahr, R. (2008). Globalisation and risks: Trends and crises | VOX, CEPRs Policy Portal. Voxeu.org. Retrieved 24 September 2016, from http://voxeu.org/article/globalisation-and-risks-trends-and-crises
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