Essay on Effect of Globalisation on Development of Economies
Added on 2020-06-03
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GLOBALISATION HELPED – OR HINDERED– INTERNATIONAL DEVELOPMENT
INTRODUCTIONThe term globalisation has been heard here and there and in any task adopted by any oneirrespective of its outcomes. It has brought in newer technology and innovative ways of doingthings and responding to situations. Every person experiences it in some part or the other at workplaces and homes while taking services or buying products (Young and et.al., 2009). The impactof globalisation has brought in various changes in the international political economy which isworking in co-ordination which each other thereby enhancing competition.The topic of essay is the influences and effects of globalisation on development ofeconomies all over the world. The various aids provided due to evolvement of globalisation hashelped in international development as well as hindered various developing countries in some orthe other way (Purnell, 2018). The essay incorporates positive and negative effects ofglobalisation on the international development of economies. With the growing impact ofglobalisation, the world is becoming more interconnected opening various opportunities for alland thereby, providing developed technology and innovative means of working (Young andet.al., 2009).Globalisation is a common phenomenon which is related to political, economic and socialaspects of life and modifies it as and when changes arise in the environment. It reduces thebarriers of communication and enhances relationship amongst various aspects of political andsocial as well as economic background of people (Ibrahim, 2013). Innovation in gadgets andnewer technology such as internet, digital gadgets, smart phones and advanced technique hasundergone a huge change modifying the thinking abilities of persons. It has bridged gap inbetween nations and thereby, increasing international relationship. Globalisation has brought invarious changes to multinational businesses and international economies through new technologyand technical advances and thereby, spreading awareness and aid in forming regulations forlabour and human laws as well as safeguarding females (Purnell, 2018).Globalisation has brought in integration of world economies and societies which haveenhanced international development of political and social economy in the last two decades.Various developing countries have experienced rapid growth of their economies and a reductionand eradication of poverty to a huge level has been witnessed (Young and et.al., 2009). Theglobalisation has brought in positive aspects of changes to the global economies be enhancingliving standard of people. It has seemingly reduced environmental degradation in every form2
whereby companies and business firms are incorporating corporate social responsibility in theirrespective concern to safeguard the nature (Young and et.al., 2009). It has reduced the tradebarriers and tariff while opening roads for trading between countries freely which has expandedbusiness organizations and brought in opportunities for people in equal forms. It has been apositive driver of change and thereby, bringing countries and economies closer to each otherrendering services and enhancing standard of living of people (Reader, 2017).Globalisation though has made life easier but has brought in tough competition inbetween small and medium business firms that impact the scale of operations and developingeconomies as a whole (Young and et.al., 2009). Due to globalisation, the world has become asingle market or a global village where selling and buying of any product has become easy butenhanced competition to a large extent. Globalisation is opening doors for every small and largeconcerns to export their finished products and import any sort of raw materials needed as well asinexpensive availability of labour services are enhanced (Spence, 2011). It is providingindividuals a huge market by making markets efficient and easily accessible thereby increasingthe space of competition. (Source: Does the process of globalisation help or hinder wealth creation in developingcountries?, 2015)3Illustration 1: Impact of Globalization on Developing Economies
There are many benefits and associated risks of globalisation which have impacts on thesociety (Hopper, Lassou and Soobaroyen, 2017). It has helped international economies in severalways as well as it has hindered developing countries in other ways by widening the gap betweenpoor and wealthy class of society. The rate of growth as well as FDI has seen a tremendousincrease after the post-world war II which is the era of globalisation. Thus, it has helpedinternational economies to grow becoming one global village where every product could bebought and sold by any one producing the same (Young and et.al., 2009). Newer form oftechnology and new ways of production has enhanced growth of particular organisation as wellas world’s economy. Not only this, the globalisation has brought in liberalization of trade whichimplies reduction of barriers in between countries for the purpose of trading (i.e. buying andselling) and enhancing international development (Dreher, Sturm and Ursprung, 2008).(Source: Does the process of globalisation help or hinder wealth creation in developingcountries?, 2015)The travelling to any destination has become simpler as before thereby generating foreignexchange for countries (Asongu and De Moor, 2017). Communication and sharing culture ofothers has bridged gap with making the international economy as one single global village. It has4Illustration 2: Impact of Globalization on International Development
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