Globalization on Developing Countries
Globalization is described as the process that aims at expansion of business operations at an international level and it is precipitated by global communications as a result of technological advancements as well as political, economic and socioeconomic developments. In developing countries, globalization has brought with it numerous new opportunities. Developing countries can now enjoy greater access to technology and markets thus improving productivity as well as the standard of living of the local people. While this is the case, it has also impacted developing countries in a negative manner.
The degree to which developing countries benefit from globalization varies greatly. This is because there are skeptics who argue about the benefits accrued from globalization hence resistance to globalization. One major way through which developing countries have benefited is through trade. This is principally achieved through imports especially when Asian economies performance is taken into consideration. Trade has broadened markets for producers in developing countries making it easy for them to real from the scale of economies. What is more, globalization has forced local producers to become competitive while at the same time offering the opportunity to develop some new technologies.
Other major effects of globalization on developing countries are as highlighted below:
- Improved living standards-Globalization at economic levels has given governments the opportunity to acquire foreign lending. Once the funds are acquired, they are used in improvement of infrastructure such as health care, social services and roads. What is more, it has also improve the general living standards of those living in developing countries.
- New markets access-Thanks to globalization, countries are now able to carry out free trade and this has proven to be one of the major benefits to developing countries. Homegrown industries for instance have witnessed a fall in trade barrier opening access to a wide international market. The growth generated from this makes it possible for companies to come up with new technologies and also produce new services and products.
- Widens income disparity-Though there is an influx of foreign capital and companies, globalization also leads to increased cases of unemployment as well as poverty. What is more, it also increases wage gap between educated individuals and those who aren’t educated. In the long term though, the level of education rises because the financial status of the country develops as well. however, in the short term, the poor people become even poorer and not everyone participates in improvement of the economy.
- Decreased employment opportunities-While there is an influx of companies in developing countries, there is also a decrease in employment opportunities especially in sectors for workers who are skilled. This is attributed to technology improvement which comes with the newly established businesses. Automation for instance in agricultural and manufacturing sectors eliminates the need for skilled laborers.
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