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Globalization - Essay Example

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Globalization Introduction Developing economies are impacted by various factors; one of the factors that have impacted almost all developed economies in both positive and negative manner is globalization. Certain economists believe that globalization impacts governments and nations only in a negative manner, on the other hand other economists have a completely positive view of globalization, certain economists have come to agree that the way a nation experiences globalization and its challenges determines whether globalization will have a negative or positive impact on the nation…
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Globalization Essay
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Download file to see previous pages... The steady increase in the exchange of capital between nations is one of the examples of high intensity of globalization in world capital markets. Globalization offers a huge range of opportunities to developing nations to increase their economic standards and standard of living by avoiding the possible risks associated with the entire process. In this writing the focus will be on defining what exactly globalization is, how it has been affecting developing nations such as Africa and the benefits and issues it has to offer to these nations. Body Globalization refers to the decrease or eradication of borders between different nations and increase in the amount of transfers of information and resources between countries. In other words globalization is the process of combing different countries together and making them as one. Globalization takes place when trade and transfer of information and resources takes place between two or more countries; trade that takes place between two or more nations is recognized as International trade. ...
For example: if small businesses located in regions support each other and integrate, they can grow into huge companies and be a part of the international trade competition and compete globally. As regional companies gain strength and become more capital intensive and start competing in international markets, globalization takes place and the borders created due to regions come to an end. Theorists such as Fourie believe that in certain situations a huge regional company may fail to complete in the global market, if the fail to compete, then they return back to competing regionally (Fourie 1998). Increase in the intensity of Globalization led to the development of the economies of developing nations and these developments decreased the income difference between the people of developed and developing nations. These benefits of globalization were availed by few developing nations, a huge chunk of the developing nations are still experiencing low economic growth and the difference between the income of these developing nations and developed nations is very huge. These countries are expected to face more problems both financially and socially if they continue without being a part of the international trading world. Hak-Min has a contradictory view point, the theorist states that globalization has not decreased the amount of difference in income distribution and only led to the growth of the industries of few of the developed nations (Kim 1999). He supported his opinion by stating that the total financial transactions that took place globally were majorly conducted by only 25 nations out of a total of 121 nations and only 1% of these transactions included nations which were in their developing phase. Hak-Min’s research clearly indicates ...Download file to see next pagesRead More
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