Name: Subject: Development and Globalization Question 1 The development of a country can be measured using a number of different approximation methods. However, use of GDP as a measure of development has been found to be inappropriate…
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Estimation of GDP growth also leaves out a lot of information, which might be useful in measuring the development of a country, and thus, it is thought to be an insufficient of measure development. In addition, GDP is also said to use very limited information in its measurement. It leaves out a lot of information that might be useful in measuring the development of a country. For instance, GDP doe not report about the standards of living of individuals in a country. GDP measurement only assesses the per capita income of persons in a country. Thus, a country with many rich people may report a very high GDP yet, the level of development may be very low (Frank, 2003, 77). This is because; GDP does not consider that there might also be poor people in the same country. Therefore, if there are people in a country earning low incomes, then it will imply that; although the standards of leaving are high, the level of development is low (Roberts & Hite, 2007, 4). GDP also does not account for issues such as pollution, environmental degradation and social well-being. This is because; GDP mainly deals with items that can be measured numerically accurately. However, some of the items that determine the level of development of a country cannot be measured numerically. ...
This is because; the capital incomes available for investments have reduced. In addition the competition in the economy is very stiff an unfavorable for growth (Wallerstein, 1979, 56). Therefore, Robert asserts that the potential for development has reduced significantly. The economy is becoming compressed each time countries continue to face cases of inflation and depressions (Rodrik, 2011, 10). On the other hand, Thomas Friedman argues that ‘the world is flat’. This implies that, the world is like a playing field where every person is a player equal to another player. In addition, it also implies that there many opportunities in the economy that people can take advantage of any time they wish (Friedman, 2005, 248). Therefore, according to Friedman, the world will continue to develop as long as people continue to take advantage of the opportunities available to them. This is because, he believes that human beings can expand themselves without being limited due to the many opportunities at their disposal (Friedman, 2005, 250). The views of these two authors are contradictory. This is because; while one author suggests that the extend of development becomes limited as days go by, the other author states that, the development is unlimited and each person is free to trade and invest since there are many opportunities. The argument that I find more convincing is that of Robert Wade that the development space is shrinking. This is because with time, people are becoming less and less competitive (Wade, 2005, 282). The geographical area also continues to decrease with time and thus, with time, the opportunities available to invest will be limited. In addition, with the stiff competition, it will be very difficult to start up new businesses in the market. Therefore,
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The goal of this paper is to define the meaning of globalization, of its types and effects on the world countries. Globalization may be defined as a process of countries’ economies, politics and cultures becoming more interrelated and interdependent. Since it is a rather broad definition, it is definitely worth to take a closer look at the concept of globalization.
It has provided organizations with wider market and increased customer access. It has allowed nations to develop their economies, improve social standards, and transform their weaknesses into strengths. Today in the era of globalization and technological advancement; organizations belonging to various regions of the world depends on each other in getting the work done, they mutually handle operations and share the responsibility and accountability of the getting the work done.
Economic reforms together with the massive political changes that have occurred across the globe in the recent years have caused such countries as India, Pakistan, China and other Eastern countries to undergo an altogether change in terms of the involvement of their labor forces into the economies of open market.
The channels that give rise to need for strategic management originate from both internal and external demands of the products produced by the firm. Globalization brings about a diverse environment for customer’s requirements and the divergent ways of customer satisfaction together with the customer cultural sensitivity.
Nevertheless, higher growth and greater equity may have led to increase in income inequalities and the undermining of nation-states. Moreover, globalization has also been linked to underdevelopment, colonialism, and external shocks. The recent crisis in the United States’ housing market threatens to have a negative impact on the global economy (Weinstein, 2005).
China is considered to be one of the leading nations in relation to economic growth and development. Globalization is an important concept for the welfare of different nations in the world. This paper tends to provide a detailed analysis and benefits of Chi globalization.
Globalization is seen in much of the world as a double edged sword. There are positive elements of globalization that benefit stakeholders; investing companies can tap new markets and achieve low production costs while host countries can increase employment and investment capital.