Assignment Help on the Impact Of Globalization on Developing Economies

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Globalisation is the process that connects the economies, markets as well as societies. It is a term which is used more in an economic context but it also impacts the social, political and culture of a country.

Birth of Globalisation

Many historians see the silk trade and spice routes as an early form of global exchange. The trades increased in the age of discovery and paved the way for scientific growth.

In the past years, the arrival of the Industrial Revolution made way for global trade. The products manufactured in Britain were in demand all over the world. Also, it was able to attract a huge international market and form influential trade. The following section explores the impact on the economies of developing countries.

Economic Impact

The developing economies were not able to come to the world market due to various trade barriers in the past. However, they introduced market reforms with the help of the World Bank. This allows the developed countries to invest in developing nations.

Moreover, it created more jobs and helped them grow at a faster rate than already rich nations.

Political Influence

Globalization helps in creating global policies that impact other countries.  A main event like Brexit or the Ukraine war affects countries worldwide. Moreover, it reshaped the power control between the powerful countries and influenced them.

Global actors like the UN play a crucial role in influencing trade and human rights. This also creates new trade with other countries and expands markets and customers. Global exchange promotes international cooperation in world problems. This also paves the way for the spread of values of democracy and freedom.

Impact on Trade And Market

The developing countries engage in trade with developed nations. It grows their economy. Also, it increases the investment and flow of money. This leads to the expansion of markets and hence variety of choices for consumers. Moreover, it provides good job opportunities for people and leads to economic growth.

Technology Advancements

The increase in activities among countries also boosts the flow of technology. This generates vital development which is crucial for any country. It is easier for developing nations to get access to advanced technology and new ideas.

Access to new data has become easier due to the global exchange between economies. Communication has become easier due to phones and emails. This allows artists to share their work on a global scale.

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Environmental Implications

The growth of trade and manufacturing has increased air pollution. Also, it impacts greenhouse gases and deforestation. Moreover, it causes poor environmental conditions in new countries. Not only that, global exchange increases the inequality of money and resources.

The countries are dependent on fossil fuels. The new energy forms are high-cost and require high technological developments. It puts pressure on the nations to use less harmful resources and cause less pollution.

Social impact of globalisation

This form of exchange contributes to interconnections among people around the world. Also, it affects the social practices of people and social structures. The world has become accessible after the coming of things like the internet and television.

There is an increase in the flow of traditions, ideas and cultures worldwide. This helps to preserve many native cultures and promote intercultural learning. However, it also leads to cultural mixing and social unrest.

Culture Change and Assimilation

Many developing countries witness cultural changes and globalisation. Developed countries like European countries and America influence these nations. Fast food joints of burgers and pasta are a result of the global exchange. Even changes in fashion such as jeans and other clothing items. Yet, this also has reduced the attachment of people to their own culture.

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Problems and Challenges in today's world

Globalisation comes with various positive changes. However, it also harms the developing economies. Moreover, it leads to the shifting of jobs to other countries with low labour prices. It causes job losses to people and impacts growth.

It increases the income inequality in nations. The rich become wealthy and the poor remain poorer. Also, it has led to an over-dependence on foreign investors and put the economy at risk of global crises.

Strategies To Adapt To Cut The Impact

The government should try to promote ways to reduce the impact and adapt to changes in the global economy. Moreover, they can increase the education and training of the workers. It will help them with increased competition in markets. It may help to have a variety of industries that will reduce the risk of economic crisis.

The developing economies should focus more on building good infrastructure. Also, it will increase the chances of foreign investors which is great for growth. It will also create job opportunities and increase trade flow with other economies.

Conclusion

To conclude, the process of globalisation connects the countries of the world. Also, it impacts their social and economic growth. The developed countries impact global trade and foreign investment in developing economies. So, they influence the growth of new countries.

The government needs to take advantage of this by reducing export and import taxes. It has many positive changes in social and economic areas. Yet, it also comes with issues like unequal resources and income. These are vital problems faced by the developing economies.

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