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On the other end, the developing world has made considerable improvement in cutting its poverty rate by a half. According to the most recent statistics, 21% of individuals living in the developing nations lived below or at $1.25 per day. That is down from 43% in 1990 and 52% in the year 1981. This is an indication that 1.22 billion individuals lived on less than $1.25 each day in 2010, in comparison to 1.91 billion in 1990, and approximately 1.94 billion people in 1981. However, there is a widening gap between the poor and the rich, and those who are capable of accessing opportunities. From the information, it is clear that the developing world is doing a considerable job in reducing its poverty line2. In regards to GDP, it does not mean that a nation with a good GDP have the best living standards. For instance, there are individuals living in poverty in the United States and other nations of the world including both the developed and developing nations.
There is a huge deal of inconsistency among the areas of the world which concern with trends in unemployment. In addition, there is a general division between developing and developed regions. For instance, unemployment rates in the European Union region and Developed Economies remain above the historical levels (8.6% in 2012 compared to an average of 6.9% between 1998 and 2007). On the other hand, in developing nations, unemployment rates are below average compared to the decade before the crisis. The main reason for this divide is that the developing economies have considerably outdone developed economies in period of recovery in terms of their economic growth3.
There is proof that stimulus packages implemented in the developing nations to mitigate the effects of the crisis were directed towards addressing weaknesses of the labor market. In contrast, the limited effectiveness of monetary and fiscal measures
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According to the research findings globalization is of great significance in contemporary societies. When looking at its impacts, it is apparent that globalization is transforming contemporary societies. This is because globalization has had positive impact in nearly everything ranging from, economies, cultures, information flow, governance, criminal investigation, among others.
The term globalization was initially coined by Charles Taze Russell in the year 1897 who was the founder of Student Movement of the Bible and it was through his efforts that people became familiar with this term; however, this phenomenon was widely recognized and used by the renowned economists in the late 1960.
Globalization, Its Significance to Challenges of Development and Key Debates. Globalization and related development were considered as the wave of the future when they first appeared to unite countries into one global economy for the mutual benefits, which presumed global integration and interdependence in the technological, economic, social, cultural, ecological and political spheres.
Globalization can be beneficial but in recent years it has become a detriment to many in the United States and other industrial countries. Rather a negative or positive influence in the world, once globalization was let out of the proverbial bag, there is no way to decrease its effect.
Differences between Globalization “From Above” and “From Below”.
There have been numerous definitions of term globalization in the modern context. Indeed, the meaning of this term varies across different sectors and scholars continue to address and apply globalization in different avenues.
Episodes Three which is entitled New Rules of the Game discussed globalization and its impact in the world economy.Globalization doesn’t just involve the goods and services.Market integration also means the assimilation of countries’ financial markets.Countries like Thailand were greatly helped by the inflow of foreign direct investments.
ization has led to the breakdown of the production process, since the stages involved in manufacturing can be distributed over a number of places other than at the source of raw materials, especially due to the reduction in transportation costs (Giddens 2006). Knowledge transfer
Since globalization covers numerous domains, assertion can be justified that economic integration, in the first place, rose from post World War-2 period. Leading factors for this economic internationalization include increased
wth in technology and information systems has facilitated easy communication, trade relations, technology transfers and various other forms of international relations. No doubt, globalization has enabled crossing of national boundaries and reduced the cultural and geographical
There are several threats and opportunities of this trend of globalization too, for businesses and governments alike. For businesses, globalization allows increased access to more prospective markets worldwide,
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