Globalisation: Impact on Developing Countries' Economic Growth

This report explores the multifaceted impact of globalisation on the economic growth of developing countries. It begins by defining globalisation as the integration of economies, governments, and businesses across international boundaries, emphasizing the role of cross-border trade, technology transfer, and the movement of people and information. The research question focuses on the importance of globalisation for developing countries, with objectives including understanding globalisation, examining its impact, and identifying key factors. The report reviews literature on globalisation, highlighting its role in providing opportunities such as technology transfer and access to developed markets, while also acknowledging challenges like increased competition. The methodology involves a secondary data collection approach, utilizing books, journals, and online articles, analyzed through a qualitative method with an interpretivism philosophy. The discussion synthesizes the positive and negative impacts of globalisation, with technology identified as a significant factor influencing growth. The report concludes by emphasizing globalisation's complex effects on developing nations' economies.

Inquiry Based Learning

Table of Contents
Overview of topic............................................................................................................................3
Research Question...........................................................................................................................3
Rationale of Research......................................................................................................................3
Statement..........................................................................................................................................4
Literature Review.............................................................................................................................4
Notion of globalisation...........................................................................................................4
The impact of globalisation on developing countries’ growth...............................................5
The factors of globalisation that impact upon the growth of developing countries...............5
Research Methodology....................................................................................................................6
Discussion........................................................................................................................................7
REFERENCES................................................................................................................................9

TOPIC: Importance of globalisation on overall growth of developing countries
Overview of topic
Globalisation can be comprehensibly defined as the overall interaction as well as
integration taking place amidst the individuals, countries, governments and businesses across the
peripheral boundaries of the world. This concept is mainly used to explain developing
interdependence of culture, populations and economies of the world bought about through cross
border trade in technology, people, information and products (Rapoport, 2016). Globalisation has
developed new opportunities for the developing countries for an instance transfer of technology,
more opportunities to access in to developed countries markets and make improvement in living
standards. As a result of this, countries are able to capitalise upon improved set of technologies,
infrastructural facilities and other services so as to attain growth in a rapid course of time. With
high level of the human capital as well as strong financial system, globalised countries can be
benefitted by development effect of the globalisation.
Research Question
What is the importance of globalisation on overall growth of developing countries?
Broad Topic Sub topic Narrow topic Research Question
Globalisation Importance of
globalisation
Importance of globalisation
on developing countries
What is the importance of
globalisation on overall growth
of developing countries?
Rationale of Research
The rationale or interest behind conducting present study is to get some information and
knowledge regarding the globalisation and its importance of globalisation on overall growth of
developing countries. The researcher developed a topic related to globalisation and after then
created the sub topic that is related with the Importance of globalisation on developing countries
for knowing about the globalisation impact (Hirst, Thompson and Bromley, 2015). Other than
this, researcher performs an investigation for enhancing its skills as well as knowledge for
getting the better understanding. This will help in future to researcher for doing the whole
investigation to deal with the arisen hurdles.
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Statement
Basically present research gives information regarding the globalisation subject area.
From conducting an investigation, researcher will able to find out about the importance of
globalisation on overall growth of developing countries. Other than this, an investigator can able
to get the understanding about performing the research in future in systematic manner.
Research Aim:
“To determine the importance of globalisation on overall growth of developing
countries”.
Research Objectives:-
 To gain detailed comprehensibility of the notion of globalisation.
 To examine the impact of globalisation on developing countries’ growth.
 To find out some of the factors of globalisation that impact upon the growth of
developing countries.
Research Questions:
 What is meant by the notion of globalisation?
 What is the impact of globalisation on developing countries’ growth?
 What are some of the factors of globalisation that impact upon the growth of developing
countries?
Literature Review
Notion of globalisation
On the basis of information expressed by Tejani and Milberg, (2016), globalisation is seen
as the integration of economies, government and businesses of different nations in order to
expand their business beyond the international boundaries. It is also determined as the procedure
through which business entities initiates’ interest to expand their business at international scale in
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rightful manner. Concept of globalization has emerged with the changing expectation of the
people from the businesses as well as their own life as they want higher growth. Globalisation
has not only provided benefits to the businesses but at the same time it has developed range of
business opportunities for the individuals as they are getting more number of options and can
also attain success by approaching foreign nations for getting better job. Apart from this,
globalisation for the customers is seen as the medium through which they can acquire their
favourite products or services in their home country only. Along with this, it has been seen that
globalisation has improved accessibility of the people to the products and services available at
different nations.
The impact of globalisation on developing countries’ growth
According to the perception given by Claessens and Van Horen, (2015), globalisation is
seen as the most emerging concept which is not only providing benefits to the businesses but at
the same time with the growth of the companies it also contributes in the growth of nation too.
The overall impact of globalisation over developing nation can be seen in both the positive as
well as negative manner. The positive impact related to the globalisation for developing nations
is that it has brought range of opportunities for the businesses at international medium in the
name nation trade liberalisation. This have also increased number of jobs within the developing
nations as lots of large scale companies are establishing their business in developing countries
with the motive of hiring low cost labours in order to perform their work in with minimal
expenses. This establishment of businesses simply develop number of jobs for the local people of
developing nation which is ultimately contributing in their growth as it is increasing income of
localise people which also contribute in the development of their standard of living. On the other
hand, the negative impact of globalisation over the growth of the nation can also be seen. Here, it
can be said that increasing number of foreign companies within the home country also increases
competition for the local companies. This simply snatches opportunity of growth for the local
businesses that also hampers the growth level of the developing country.
The factors of globalisation that impact upon the growth of developing countries
From the views presented by Benería, Berik and Floro, (2015) there have been range of
factors associated with the globalisation which are placing influence over the growth of
developing nations. The main factors among them are resources, technology, economy and
others. It has been analysed that among them all technology is the only factor which holds major
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influence over the growth of the nation. This is so because, globalisation has allowed developing
nations in bringing advance technology within their nation so that they can easily improvise their
capability of performing the work which is ultimately helping them out in accomplishing their
business objectives in quicker manner. It also reduces the efforts of the manpower. These saved
efforts can be used at other required areas that could also provide profitability to the company.
Research Methodology
Research methodology can be referred to as the wholesome procedure by way of which
an investigator is able to carry out systematic research over a chosen subject matter in order to
achieve the desired aim and objectives (Grossman and Helpman, 2015). This is a crucial part of
the study conducted by the researcher as it helps them in gaining information and
comprehensible knowledge about the method as well as sources with the application of which,
data would be effectively collected by the researcher. In this relation, the main aspects of
research methodology are comprehensibly discussed in a detailed manner as follows:-
Data collection methods:
They are determined as the methods by way of which a researcher is able to collect
information about a subject matter in an effective manner. Such methods provide assistance to an
investigator in duly gathering information about a proposed research topic in given time frame so
that study can be soundly executed. In this relation, it has been determined that data collection
methods are mainly categorised into primary as well as secondary. For the purpose of carrying
out research upon the topic of globalisation, researcher has made use of secondary method of
data collection (Voegtlin and Scherer, 2017). This is the method whereby the researcher relies
upon the information which has already been collected by someone else in the past. Hereby, the
sources such as book, journal, online article along with other kinds of published data have been
put to use by the investigator to carry out an in depth study of the topic. The major intent behind
selection of this data collection method is the ease with which information can be collected in the
allotted time frame by making use of this method. This provides direct contribution to the
attainment of valid research outcomes in an effectual way.
Types of investigation:
This can be defined as the way through which the data gathered by way of research is
analysed by the investigator. There are usually two ways of doing this analysis, namely,
quantitative and qualitative. In relation to the present study carried over the subject of
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globalisation, researcher has put to use qualitative method which renders due aid in carrying out
analysis of data in a comprehensive way through entailment of support on the part of human
based perceptions.
Research philosophy:
This is recognised as the belief or nature held by the researcher while pursuing the study
over a subject matter. In this regard, it is determined that there are basically two main types of
philosophies and these are acknowledged to be positivism as well as interpretivism. With respect
to the current study, it is seen that the researcher has made use of interpretivism philosophy
(Stiglitz, 2017). The main intent behind selection of this philosophy is that it renders aid to the
investigator in carrying out evaluation of overall data in an effective way together with
justification for the set of findings.
Research design:
This can be referred to as the structure which is adopted for the purpose of carrying out
investigation in a timely manner as per the requirements. In this relation, it has been identified
that there are basically three types of research designs, namely, descriptive, exploratory and
experimental. Out of these three, one design is selected by the researcher looking upon a number
of aspects (Asongu and De Moor, 2017). In relation to the current research based upon
globalisation, it can be said that explanatory research design has been selected by the
investigator. This research design has been chosen so as to attain valid outcomes upon the
research topic chosen, in an effective manner through the usage of in depth information. This
also tends to provide support in collecting the overall data in a reliable and authentic way.
Discussion
On the basis of overall information expressed in the literature review section, it has been
analysed that globalisation is broad concept which brings several kind of influences on the
business. It has also increased competition within businesses and influences companies to bring
innovative product and services at marketplace. In order to gain competitive edge at marketplace
businesses also tries to sell their products as well as services at lowest prices so that they can
easily influence interest of customers towards them and increase their sales performance as well
as profitability in rightful manner. In other words, globalisation is also determined as the latest
trend of raising integration of economies in terms of goods and services (Rodrik, 2018). Along
with this, it is acknowledged as the medium with the help of which information, ideas and
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technology are exchanged among businesses beyond international boundaries with the common
motive of attaining growth and success. These initiatives taken by businesses directly contribute
in attaining growth of the developing nations too. The overall discussion made on this clearly
specifies that the influence of globalisation for developing countries can be seen in both the
positive as well as negative forms. Along with this, it has also been seen that technological factor
is most influential factor which impact upon the growth of developing countries in positive
manner and supports them in executing organisational work in simpler form.
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REFERENCES
Books and Journals
Rapoport, H., 2016. Migration and globalization: what’s in it for developing
countries?. International Journal of Manpower.
Hirst, P., Thompson, G. and Bromley, S., 2015. Globalization in question. John Wiley & Sons.
Tejani, S. and Milberg, W., 2016. Global defeminization? Industrial upgrading and
manufacturing employment in developing countries. Feminist Economics, 22(2),
pp.24-54.
Claessens, S. and Van Horen, N., 2015. The impact of the global financial crisis on banking
globalization. IMF Economic Review, 63(4), pp.868-918.
Benería, L., Berik, G. and Floro, M., 2015. Gender, development and globalization: economics
as if all people mattered. Routledge.
Grossman, G.M. and Helpman, E., 2015. Globalization and growth. American Economic
Review, 105(5), pp.100-104.
Voegtlin, C. and Scherer, A.G., 2017. Responsible innovation and the innovation of
responsibility: Governing sustainable development in a globalized world. Journal of
Business Ethics, 143(2), pp.227-243.
Stiglitz, J.E., 2017. The overselling of globalization. Business Economics, 52(3), pp.129-137.
Asongu, S.A. and De Moor, L., 2017. Financial globalisation dynamic thresholds for financial
development: evidence from Africa. The European Journal of Development
Research, 29(1), pp.192-212.
Rodrik, D., 2018. Populism and the Economics of Globalization. Journal of international
business policy, 1(1-2), pp.12-33.
Online
The Impact of Globalization on Economic Growth. 2020. [Online]. Available Through:
<https://www.thebalance.com/globalization-and-its-impact-on-economic-growth-1978843>.
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