Essay about Globalization and Developing Countries

Globalization, aided by Internet development and ease of travel, has permanently changed the world for both better and worse (Friedman, 2008). For this write up, we look at the relative dangers and advantages of globalization for developing countries and how they can capitalize on the advantages and avoid the dangers of Globalization. What is Globalization?There is a wealth of literature on Globalization. Most authors have defined Globalization as the increased economic interdependence amongst countries. Friedman (2008) defines Globalization as globalized trade, political forces, Supply chaining and outsourcing. Palmer (2004) defines Globalization as a complex global system in which state-enforced restrictions are eliminated. Developing†¦show more content†¦There are real and perceived dangers. The first fear is the perceived loss of state sovereignty to powerful international institutions like the World Trade Organization (WTO) or the International Monetary Fund (IMF). For example, in the 1980s, Zambia had a state-led economy. The then president (Dr. Kenneth Kaunda) severed ties with IMF because of perceived detrimental structural adjustment program (SAP) prescribed for Zambia by IMF. With perceived or real loss of regulation comes the fear of capital flight which would lead to currency crisis leading to social unrest. Weakened legislation also means loss of control on the behaviour of investors who may exploit workers both physically and low pay. For example, the issue of some investors flouting the Zambian labour laws as raised by the fifth Zambian president during his inaugural speech are just the tip of an iceberg. Todaro (2000) argues that investors may perceive developing countries as sources of cheap labour which should only benefit the growth of the organization.Globalization has opened up developing countries as dumping grounds for toxic industrial waste and substandard or defective goods by some organizations.These issues raise serious concerns for the environment. The globalization of corruption has led to weak enforcement of laws meant to protect developing countries (Glynn et al, 1995). With proper legislation controls in place, there are many benefits Globalization has toShow MoreRelatedGlobalization And Its Impact On Developing Countries872 Words   |  4 PagesGlobalization can be defined as an intensive form of worldwide interconnectedness that facilitates the flow of capital, humans, commodities, technology, information, symbols and values due to the advancement worldwide systems of transport and communication. 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