Is Globalization Good or Bad for Developing Countries? Term Paper

Pages: 2 (810 words)  ·  Bibliography Sources: ≈ 6  ·  File: .docx  ·  Level: College Senior  ·  Topic: Economics

Globalization and Developing Countries

As defined by the World Bank in its handbook on the subject, globalization is defined as "the growing integration of economies and societies around the world." It has been one of the most hotly-debated topics in international economics over the past few years, given that globalization, through creating a more united global economy, has generated "rapid growth and poverty reduction in China, India, and other countries that were poor years ago." These declines in poverty have been generated by such globalizing forces through the outsourcing of jobs and the extension of American factories to these nations. "But globalization has also generated significant international opposition over concerns that it has increased inequality and environmental degradation." In the short-term, poverty reduction may have been achieved, but at the expense of these nations' environments and the destruction of locally generated forms of commerce.

Overall, globalization has thus proved to be a negative rather than a positive force in the developing world.

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True, in his political treatise on the benefits of globalization, The Lexus and the Olive Tree, Thomas Friedman wrote of globalization is "it not just some passing trend. Today it is an overarching international system shaping the domestic politics and foreign relations of virtually every country, and we need to understand it as such...can be incredibly empowering and incredibly coercive. It can democratize opportunity and democratize panic. It makes the whales bigger and the minnows stronger. It leaves you behind faster and faster, and it catches up to you faster and faster. While it is homogenizing cultures, it is also enabling people to share their unique individuality farther and wider."

Term Paper on Is Globalization Good or Bad for Developing Countries? Assignment

But while a consumer in India may gain a job from an American company as a telemarketer, for example, the destruction to India through industrialization to compete in a global marketplace will result in long-term environmental and economic degradation, rather than a job that will merely feed one man or woman's family for his or her lifetime, or less than that -- what of his or her son or daughter's environment, in terms of health, and that child's ability to begin his or her own business, from India itself?

One reason for Friedman's positive gloss upon globalization is his overwhelming focus on the immediate, positive political benefits of globalization. He stresses that globalization promotes democracy through trade and by opening up formerly closed governments to the larger world. However, if individuals do not… [END OF PREVIEW] . . . READ MORE

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"Is Globalization Good or Bad for Developing Countries?."  Essaytown.com.  November 2, 2004.  Accessed November 25, 2020.
https://www.essaytown.com/subjects/paper/globalization-good-bad-developing-countries/661467.