Globalization in essence was design to connect the
world through a “combination of deregulated foreign trade, reductions in trade
tariffs and the removal of export fees. Globalization seeks to utilize foreign
markets effectively for trade as well as provide new development opportunities
for production employment in foreign countries” (Hammond, 2017).
In all its outward appearance globalization seems by
many to be the elixir
of the world economy for the twenty first century, but in reality not all
nations are benefitting equally from globalization. For example, globalization
tend to be more beneficial to developing nations such as the G-12 nations
because the world banks and other lending institutions
such as the international monitory fund extend
ample resource to these nations which help to improve their economy, while
on the other hand tend to have a negative impact on third world countries
because these same lending institution such as the world banks and IMF refused to lend funds to these third world
nations for fearing that they do not repay their loan with interest on a timely
basis.
For third world nations the benefit of globalization
come in the form of the interconnectedness of countries due to modern
technologies which allowed for citizens from these poorer countries to migrate
to other developing nations in minutes to seek better employment and to reap
the benefit of globalization.
Reference:
Hammond, K. (2017, September 26). Globalization's Effects on Third-World
Countries. Retrieved June 26, 2018, from
https://bizfluent.com/info-8543200-globalizations-effects-thirdworld-countries.html
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